Kansas Security Interest Subordination Agreement
Description
How to fill out Security Interest Subordination Agreement?
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FAQ
Security subordination means that the subordinated lender agrees that its security interest in the shared collateral is fully subordinated to the security interest of the senior lender.
Most notably, an unperfected security interest is subordinate (lower priority) to a lien creditor (such as a plaintiff receiving a judgment against the debtor) or the trustee in the event of bankruptcy.
Your failure to perfect a security interest may result in a secured creditor with a blanket lien or a bankruptcy trustee or debtor-in-possession obtaining title to your property.
Being a perfected secured creditor establishes the priority of the seller's security interest in the collateral, thus providing protection against a buyer's future secured creditors, judgment creditors, tax liens, etc. An unperfected secured creditor seller, by contrast, does not have lien priority protection.
When a secured loan is unperfected, the creditor has failed to properly take one or more steps to make its interest in the collateral safe from later third parties.