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Security Agreement in Accounts and Contract Rights

Maine Security Agreement in Accounts and Contract Rights

Category:

Loans and Lending - Security Agreements

State:

Multi-State

Control #:

US-01730BG

Format:

Instant download

Description

A secured transaction is created when a buyer or borrower (debtor) grants a seller or lender (creditor or secured party) a security interest in personal property (collateral). A security interest allows a creditor to repossess and sell the collateral if a debtor fails to pay a secured debt.

A secured transaction involves a sale on credit or lending money where a creditor is unwilling to accept the promise of a debtor to pay an obligation without some sort of collateral. The creditor requires the debtor to secure the obligation with collateral so that if the debtor does not pay as promised, the creditor can take the collateral, sell it, and apply the proceeds against the unpaid obligation of the debtor. A security interest is an interest in personal property or fixtures that secures payment or performance of an obligation. The property that is subject to the security interest is called the collateral. The party holding the security interest is called the secured party.

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FAQ

Article 9 contains a statute of frauds which requires a security agreement to be in writing unless it is pledged. See § 9-203(1) of the code. A pledged security agreement arises when the borrower transfers the collateral to the lender in exchange for a loan (e.g., a pawnbroker).

A security interest is not enforceable unless it has attached. Attachment of a security interest generally requires a written security agreement, description of collateral, secured party's giving value, and the debtor having rights in collateral.

Summary: 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).

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.

The security agreement must: be signed (or authenticated) by the debtor and the owner of the property, contain a description of the collateral and. make it clear that a security interest is intended.

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).

A security agreement may be oral if the secured party (the lender) has actual physical possession of the collateral.