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Missouri
Security Agreement in Accounts and Contract Rights

Missouri 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

For a contract to be legally enforceable, there must be an offer to enter into the contract, an acceptance of the same offer, and an exchange of ?consideration.? These three ?elements? are required for a legally enforceable contract to be created.

A statute of frauds within UCC Article 9 requires the security agreement be in writing. An exception to this requirement is when a security interest is pledged.

Article 9 of the UCC: Governing Security Agreements Security interest is largely regulated via Article 9 of the Uniform Commercial Code (UCC). This legislation provides uniformity across the lending industry while alerting both debtors and creditors to their rights.

Security agreements are contracts. Article 9 of the Uniform Commercial Code governs security interests in personal property. It has been adopted, with some modifications, by every state. A security agreement must comply with other state laws governing contracts.

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.

A security agreement normally will contain a clear statement that the debtor is granting the secured party a security interest in specified goods. The agreement also must provide a description of the collateral.

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.

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).