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(e) A security interest in a certificated security in registered form is perfected by delivery when delivery of the certificated security occurs under section 400.8-301 and remains perfected by delivery until the debtor obtains possession of the security certificate.
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 ...
A quick definition of future-advance clause: This clause is often found in agreements that involve collateral, such as a mortgage or deed of trust. It means that the borrower can borrow more money in the future without needing to create a new agreement or provide additional collateral.
A security interest is retained in or taken by the seller of the collateral to secure part or all of its price. A security interest is taken by a person who, by making advances or incurring an obligation, gives something of value that enables the debtor to acquire the rights in the collateral or to use it.
Under Missouri's future advance statute, Mo. Rev. Stat. § 443.055, a deed of trust may secure future advances by a lender, the principal amount of which may not exceed the ?face amount stated in the security instrument.? What else, besides the ?principal? amount, may be secured by such a deed of trust?
The person guaranteed shall be entitled to rely upon a statement received from a party purporting to be the then owner as a statement received from the proper party, unless the statement was relied upon in bad faith.