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District of Columbia
Security Agreement in Accounts and Contract Rights

District of Columbia Security Agreement in Accounts and Contract Rights

Category:

Loans and Lending - Security Agreements

State:

Multi-State

Control #:

US-01730BG

Format:

Instant download

Description

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.

A secured transaction involves a sale on credit or lending money where a creditor is unwilling to accept the promise of a debtor to pay an obligation without some sort of collateral. The creditor requires the debtor to secure the obligation with collateral so that if the debtor does not pay as promised, the creditor can take the collateral, sell it, and apply the proceeds against the unpaid obligation of the debtor. A security interest is an interest in personal property or fixtures that secures payment or performance of an obligation. The property that is subject to the security interest is called the collateral. The party holding the security interest is called the secured party.

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How to fill out Security Agreement In Accounts And Contract Rights?

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FAQ

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.

A common and useful practice is to specify types of assets that are collateral using UCC Article 9 definitions of asset types. Some common asset types defined under UCC Article 9 include accounts, chattel paper, documents, equipment, general intangibles, instruments, inventory, and investment property.

Article 9 is a section under the UCC governing secured transactions including the creation and enforcement of debts. Article 9 spells out the procedure for settling debts, including various types of collateralized loans and bonds.

Typically, perfection is achieved by filing a document called a ?financing statement,? sometimes referred to as a ?UCC 1.? The financing statement must identify the debtor, the creditor, and the collateral against which the creditor has a claim.

The security agreement must: be signed (or authenticated) by the debtor and the owner of the property, contain a description of the collateral and. make it clear that a security interest is intended.

UCC Article 9-102 defines ?Proceeds? to include the value of the collateral and to the extent payable to the borrower or secured party, any insurance payable by reason of loss or non-conformity of defects or infringement of rights in, or damage to, the collateral.

ATTACHMENT AND ENFORCEABILITY OF SECURITY INTEREST; PROCEEDS; SUPPORTING OBLIGATIONS; FORMAL REQUISITES. (a) [Attachment.] A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment.

The main point of Article 9 is to be a secured creditor: If a creditor is secured it has a claim in something of the buyer's (the goods exchanged for future payment or other collateral). This gives the creditor: Right of repossession of goods extended in exchange for future payment if the payment is never made.

District of Columbia Security Agreement in Accounts and Contract Rights

Description

Related forms

Viewed forms

How to fill out Security Agreement In Accounts And Contract Rights?

Form popularity

FAQ

What is the difference between a security agreement and a UCC 1?

What are the Article 9 classifications of collateral?

What is the purpose of Article 9 of the UCC?

How do you perfect a security agreement under the UCC?

What are the requirements for a security agreement in the UCC Article 9?

What are proceeds in Article 9 of the UCC?

What is Article 9 of the UCC attachment?

Why is UCC Article 9 important to lenders?

Trusted and secure by over 3 million people of the world’s leading companies

District of Columbia Security Agreement in Accounts and Contract Rights

Description

Related forms

Viewed forms

How to fill out Security Agreement In Accounts And Contract Rights?

Form popularity

FAQ

What is the difference between a security agreement and a UCC 1?

What are the Article 9 classifications of collateral?

What is the purpose of Article 9 of the UCC?

How do you perfect a security agreement under the UCC?

What are the requirements for a security agreement in the UCC Article 9?

What are proceeds in Article 9 of the UCC?

What is Article 9 of the UCC attachment?

Why is UCC Article 9 important to lenders?

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