To attach, two conditions must be satisfied, being¹:

1. the grantor must either already have, or be granted, rights in the collateral, or the power to transfer rights in the collateral; and
2. either:

1. 1. the secured party gives value for receiving the security interest, which will usually be by extending credit or making an advance of money to the grantor or the debtor, or
   2. the grantor does an act by which the security interest arises.