This form is a Security Agreement. This security agreement is entered into as security for a loan given to the borrower(s). The agreement also contains provisions concerning: warranties, collection of collateral, and events of default.
Maryland Security Agreement - Long Form
Category:
State:
Multi-State
Control #:
US-00627
Format:
Word;
Rich Text
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How to fill out Security Agreement - Long Form?
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FAQ
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.
Examples of typical collateral are shares of stock, livestock, and vehicles. A security agreement is not used to transfer any interest in real property (land/real estate), only personal property. The document used by lenders to obtain a lien on real property is a mortgage or deed of trust.
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. Some security agreements allow the lender to sell the collateral immediately.
Under the UCC, a pledge agreement is a security agreement. The nature of the pledged assets means that a pledge agreement may contain different representations and warranties and covenants than a security agreement over business assets (for example, voting rights).
Thus, when the collateral is not in the possession of the secured party, a security agreement must be in writing to be enforceable. The agreement must be signed by the debtor, contain a description of the property, and the description must reasonably identify the property involved (the collateral).
Drafting a Security Agreement The property to be used as collateral is currently free of outside liens. The debtor must notify the secured party immediately about changes in address. The debtor must notify the secured party if the property's value decreases or the property is somehow damaged.
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.
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.
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.
In order for a security interest to be enforceable against the debtor and third parties, UCC Article 9 sets forth three requirements: Value must be provided in exchange for the collateral; the debtor must have rights in the collateral or the ability to convey rights in the collateral to a secured party; and either the ...