Illinois Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness
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FAQ
Collateral can include business-related items such as inventory, business furniture, accounts receivable, or some business savings accounts. 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.
A security agreement that identifies all the debtor's assets is insufficient under the UCC because it does not reasonably identify the collateral. A security agreement must contain a description of the collateral that reasonably identifies it.
It does not matter whether the agreement is between individuals or companies. A security agreement must contain a description of the collateral that reasonably identifies it; "all the debtor's assets" does not reasonably identify the collateral.
Ing to UCC Section 9-504, a financ- ing statement ?sufficiently indicates the collateral that it covers? if the financing statement provides (1) a description of the collateral pursuant to UCC Section 9-108, or (2) a generic description of all assets or all personal property of the debtor if the description of ...
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.
