This form is a Security Agreement. This security agreement is entered into as security for a loan given to the borrower(s). The agreement also contains provisions concerning: warranties, collection of collateral, and events of default.
Arkansas Security Agreement - Long Form
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Multi-State
Control #:
US-00627
Format:
Word;
Rich Text
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Examples of typical collateral are shares of stock, livestock, and vehicles. A security agreement is not used to transfer any interest in real property (land/real estate), only personal property. The document used by lenders to obtain a lien on real property is a mortgage or deed of trust.
A Specific Security Agreement (formerly known as Chattel Mortgage) is an equipment financing option that allows businesses to own their equipment upon purchase. BOQ Equipment Finance Limited secures the loan by registering a charge over the goods.
If a borrower defaults, the security agreement allows the lender to collect the borrower's collateral and either sell it or hold onto it until the loan is repaid. Some security agreements allow the lender to sell the collateral immediately.
A security agreement, in the law of the United States, is a contract that governs the relationship between the parties to a kind of financial transaction known as a secured transaction.
A security agreement is a document that provides a lender a security interest in a specified asset or property that is pledged as collateral. Security agreements often contain covenants that outline provisions for the advancement of funds, a repayment schedule, or insurance requirements.
A security agreement creates the security interest, making it enforceable between the secured party and the debtor. A UCC-1 financing statement neither creates a security interest nor does it alter its scope; it only gives notice of the security interest to third parties.
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.
Drafting a Security Agreement The property to be used as collateral is currently free of outside liens. The debtor must notify the secured party immediately about changes in address. The debtor must notify the secured party if the property's value decreases or the property is somehow damaged.