Colorado Amended Uniform commercial code security agreement
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How to fill out Amended Uniform Commercial Code Security Agreement?
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FAQ
Article 9, Secured Transactions Uniform Commercial Code Article 9 provides a statutory framework that governs secured transactions--transactions that involve the granting of credit secured by personal property.
The document granting the security interest can be called by different names, but the most common names are "Mortgage" or "Deed of Trust."
To put it in simple terms, the secured party is the creditor on the UCC loan. The creditor is the secured party because they have a financial interest in the collateral which the lien is on.
Every U.S. state and the District of Columbia have adopted at least part of the UCC (though it has not been adopted as federal law). Each jurisdiction, however, may make its own modifications (Louisiana has never adopted Article 2), and may organize its version of the UCC differently.
Uniform Commercial Code (UCC)
Security interest is an enforceable legal claim or lien on collateral that has been pledged, usually to obtain a loan. The borrower provides the lender with a security interest in certain assets, which gives the lender the right to repossess all or part of the property if the borrower stops making loan payments.
The secured transaction always involves a debtor, a secured party, a security agreement, a security interest, and collateral. Article 9 applies to any transaction ?that creates a security interest.? The UCC in Section 1-201(35) defines security interest.
A security interest arises when, in exchange for a loan, a borrower agrees in a security agreement that the lender (the secured party) may take specified collateral owned by the borrower if he or she should default on the loan.