You are the chief executive officer of Money Games Inc. (MGI), which has begun to market Borrow & Spend, a video game set in the world of finance. To buy ads, MGI borrows 50,000 from First Saving Bank. On MGI’s behalf, you signed a note for the loan and offers its account receivable as collateral. You sign a security agreement that describes the collateral. The bank does not file a financing statement.

Has the bank security interest attached? If so when?

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