Complex sentence: In order for a security agreement to be enforced, it must be "perfected", meaning that the lender must record the agreement in an appropriate public venue (usually a state business commission, or a county court, depending on the jurisdiction).
Split into simpler sentences: In order for a security agreement to be enforced, it must be "perfected". Otherwise, the lender must record the agreement in an appropriate public venue (usually a state business commission, or a county court, depending on the jurisdiction).