A Kansas Security Agreement — Long Form is a legally binding contract that establishes a security interest in collateral to secure a debt or obligation. This type of agreement is extensively used in financially related transactions, such as loans or lease agreements, where the lender or lessor needs collateral to ensure repayment or performance. The Kansas Security Agreement — Long Form includes detailed terms and conditions that govern the relationship between the secured party (the lender or lessor) and the debtor (the borrower or lessee). It outlines the rights and obligations of both parties regarding the collateral and defines the procedures to be followed in case of default or non-compliance. Key elements that are commonly found in a Kansas Security Agreement — Long Form include: 1. Parties involved: The agreement identifies the names and addresses of the secured party and the debtor, as well as any additional parties with an interest in the collateral. 2. Collateral description: The agreement provides a comprehensive description of the collateral being used to secure the debt. It may include tangible assets like real estate, equipment, inventory, or vehicles, as well as intangible assets like accounts receivable, intellectual property, or contracts. 3. Perfection of security interest: The agreement outlines the steps taken to perfect the security interest, ensuring priority over other creditors. These steps typically involve filing a financing statement with the appropriate state agency. 4. Obligations and liabilities: The agreement specifies the obligations of the debtor, such as making timely payments, maintaining insurance on the collateral, and not transferring or selling the collateral without the secured party's consent. It also includes provisions for the debtor's liability in case of default or damage to the collateral. 5. Default and remedies: The agreement defines what constitutes a default, such as non-payment, breach of contract, or insolvency. It outlines the remedies available to the secured party, which may include repossession and sale of the collateral to recover the debt. It is important to note that there can be variations or different types of Kansas Security Agreements — Long Form based on the specific nature of the transaction or industry. For example: 1. Real Estate Security Agreement: This form specifically pertains to securing a debt or obligation with real estate properties as collateral. It includes provisions related to mortgages, liens, and foreclosure procedures. 2. Equipment Security Agreement: This type of agreement focuses on securing a debt with equipment or machinery as collateral. It may contain specific clauses regarding leasing, maintenance, and repair obligations. 3. Intellectual Property Security Agreement: This form is used when the collateral includes intellectual property rights, such as patents, copyrights, or trademarks. It addresses issues related to licensing, royalties, and infringement disputes. In conclusion, a Kansas Security Agreement — Long Form is a comprehensive legal document that protects the rights of both parties involved in a secured transaction. It ensures that the lender or lessor has a legally enforceable claim on the collateral in case the debtor fails to fulfill their obligations.
Kansas Security Agreement - Long Form
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Once the first lienholder has been paid off, they may submit their lien release electronically (if they are members of the KS E-Lien system), or by providing it to the owner who will then submit it to the local county treasurer's office or fax it to the Titles and Registrations Bureau at 785-296-2383.
A Notice of Security Interest serves as notification to the Division of Vehicles that a person/business has applied for a loan on the vehicle described on this form and subsequently that a lien is to be reflected on the vehicle title record.
A security agreement is a document that provides a lender a security interest in a specified asset or property that is pledged as collateral. Security agreements often contain covenants that outline provisions for the advancement of funds, a repayment schedule, or insurance requirements.
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.
Kansas Vehicle Title Services Company, LLC (KVTSC) provides same day and 24-hour turnaround processing for Etitles, Duplicates, Reissues, Title Only's, Salvage Titles, Repossession Titles, Possessory Liens, Mechanic's Liens, Abandoned Vehicles, Storage Liens, Verifications, and Vehicle Histories for licensed Kansas ...
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.
Kansas is a ?lien holding? state. This means that the Kansas Department of Revenue holds the title on any vehicle that is bound by a lien. The lien is not available to the owner until payment is made in full on the purchase price or other loan in which the vehicle is a collateral.
Sell a Vehicle The Electronic Title Sales Agreement is printed and filled out in its entirety by the seller. The signatures and hand printed names of both the seller and the buyer must be affixed. Seller must attach a copy of the vehicle's current registration receipt and any lien holder's name and address.