A secured transaction is created when a buyer or borrower (debtor) grants a seller or lender (creditor or secured party) a security interest in personal property (collateral). A security interest allows a creditor to repossess and sell the collateral if a debtor fails to pay a secured debt. The agreement of the creditor and the debtor that the creditor shall have a security interest in the goods must be evidenced by a written security agreement unless the creditor retains what is known as a possessory security interest by taking possession of the collateral.
This form is a generic sample of an assignment of the security interest that is evidenced and formed by a security agreement. An assignment of a security interest in personal property is similar, in many ways, to an assignment of a deed of trust or mortgage covering real property.
Arizona Assignment of Interest of Seller in a Security Agreement is a legal document that allows a seller to assign their interest in a security agreement to another party. This agreement is commonly used in various financial transactions where a seller wants to transfer their rights and interest in a security agreement to a buyer or a third party. In Arizona, there are different types of Assignment of Interest of Seller in a Security Agreement, including: 1. Absolute Assignment: This type of assignment transfers the seller's entire interest in the security agreement to the assignee. The assignee becomes the new owner of the seller's rights and benefits under the agreement. 2. Partial Assignment: In a partial assignment, the seller only transfers a portion of their interest in the security agreement to the assignee. The assignee will have specific rights and benefits related to the assigned portion. 3. Conditional Assignment: A conditional assignment involves transferring the seller's interest in the security agreement subject to certain conditions or requirements. The assignee's rights and benefits may be contingent upon certain events or actions taking place. 4. Revocable Assignment: A revocable assignment allows the seller to revoke or cancel the assignment of their interest in the security agreement under certain circumstances. This type of assignment provides flexibility for the seller to make changes to the agreement if necessary. 5. Irrevocable Assignment: In contrast to a revocable assignment, an irrevocable assignment cannot be canceled or revoked by the seller once it is made. The assignee holds the seller's rights and benefits in the security agreement permanently. The Arizona Assignment of Interest of Seller in a Security Agreement typically includes important details such as the names and addresses of the seller and the assignee, a description of the security agreement being assigned, the terms of the assignment, any conditions or limitations, and the effective date of the assignment. It is crucial to seek legal advice and ensure compliance with Arizona state laws while drafting and executing an Assignment of Interest of Seller in a Security Agreement. Consider consulting an attorney to understand the specific requirements and implications of this document in Arizona.
