As in most fields of the law, the law pertaining to real property security transactions is continually evolving. That evolving process is highlighted by the current trend of the California Supreme Court allowing the parties, at the inception of their transaction, to freely elect the true nature of the transaction and thereafter be bound by that election. At the inception of a security transaction, the true nature of that transaction is limited only by the imagination and relative bargaining positions of the parties. In determining this true nature, the court will look to substance rather than form. Once the true nature is established, the rights, duties, and obligations of the parties are determined by the applicable law.