Delaware Security Agreement in Personal Property Fixtures regarding Securing a Commercial Loan

State:
Multi-State
Control #:
US-1168BG
Format:
Word; 
Rich Text
Instant download

Description

Form is used to cover future fixtures not financed by Lender.
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  • Preview Security Agreement in Personal Property Fixtures regarding Securing a Commercial Loan
  • Preview Security Agreement in Personal Property Fixtures regarding Securing a Commercial Loan
  • Preview Security Agreement in Personal Property Fixtures regarding Securing a Commercial Loan

How to fill out Security Agreement In Personal Property Fixtures Regarding Securing A Commercial Loan?

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FAQ

(a) Article 9 definitions. ? In this Article: (1) ?Accession? means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. The term includes controllable accounts and health-care-insurance receivables.

Security interest is an interest in personal property or fixtures that secures payment or performance of an obligation. Secured party is a lender, seller, or other person in whose favor a security interest exists.

Security Interest: An interest in personal property or fixtures -- i.e., improvements to real property -- which secures payment or performance of an obligation. Security Agreement: An agreement creating or memorializing a security interest granted by a debtor to a secured party.

UCC § 9-203 sets forth the requirements for attachment and enforceability of security interests. In general: (1) the creditor must give value, (2) the debtor must have rights in the collateral, and (3) there must be a security agreement or other action indicating an intent to convey a security interest.

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.

This section specifies when a secured party must cause the secured party of record to file or send to the debtor a termination statement for a financing statement.

The Uniform Commercial Code (UCC) is organized into nine substantive articles, each article governing a separate area of the law. UCC Article 9 governs secured transactions in personal property. The 2010 amendments provide greater guidance as to the form of a name on listed on a financing statement.

Article 9 of the Uniform Commercial Code requires a financing statement to include the name of the debtor. It is important to set forth the exact legal name of the debtor in any filings that are made.

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Delaware Security Agreement in Personal Property Fixtures regarding Securing a Commercial Loan