Debtor is obligated to pay the secured party attorneys fees. In consideration of the indebtedness, debtor conveys and warrants to trustee certain property described in the land deed of trust.
Secure Debt Shall With No Interest In San Jose
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Multi-State
City:
San Jose
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US-00181
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In order for a security interest to be enforceable against the debtor and third parties, UCC Article 9 sets forth three requirements: Value must be provided in exchange for the collateral; the debtor must have rights in the collateral or the ability to convey rights in the collateral to a secured party; and either the ...
Under new section 9-203(b) a security interest is enforceable, and hence attaches, when (1) the creditor has given value; (2) the debtor has rights in the collateral or the power to transfer an interest in the collateral and (3) one of the specific conditions stated in new section 9-203(b)(3) has been met.
Let's briefly look at each of these requirements. Value is Given for the Security Interest. Debtor Has Rights in the Collateral. The Debtor Authenticates a Security Agreement. Filing a Financing Statement to Perfect the Security Interest. Possessing the Collateral to Perfect the Security Interest.
At a minimum, a valid security agreement consists of a description of the collateral, a statement of the intention of providing security interest, and signatures from all parties involved. Most security agreements, however, go beyond these basic requirements.
But, generally speaking, a security interest becomes enforceable when (1) one or the other of the two general conditions is met, namely, a secured party has possession pursuant to agreement of property that is capable in law of being possessed or the debtor has authenticated a security agreement that adequately ...
If you file for a Chapter 7 bankruptcy, your secured debt may be discharged, but the lender is also able to repossess the property that secured the debt. In other words, if you have a mortgage on your home and file a Chapter 7 bankruptcy, the mortgage debt may be discharged but the lender can take back your home.
Lenders apply debt forgiveness in several ways, including through directly negotiated settlements or government programs. You can also approach industry professionals such as debt counselors to assist with repayment plans. However, it's important to keep in mind that debt forgiveness is relatively rare.
One is in debt to various kinds of its benefactors, as they facilitate his life. Of all the debts, three relating to deva, rishi and pitra are considered to be the most important. Man is obliged to repay deva-rina, the debt to the divine.
The Bottom Line Different types of debt include secured and unsecured, or revolving and installment. Debt categories can also include mortgages, credit card lines of credit, student loans, auto loans, and personal loans.
Steps to Take to Become a Secured Creditor Prepare a security agreement with your customer. File a UCC-1 form or financing statement with the appropriate state office. Search for and notify other secured creditors that you have "perfected" or established priority.
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