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.
Nebraska 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
Creating a security agreement Some key provisions in a security agreement include: Describing the collateral as accurately and as detailed as possible, so both the borrower and the lender agree upon the secured property. How to determine whether and when the borrower is in default under the loan.
The Uniform Commercial Code (UCC) is organized into nine substantive articles, each article governing a separate area of the law. UCC Article 9 governs secured transactions in personal property. For further information about the UCC please contact the ULC at (312) 450-6600 or info@uniformlaws.org.
The elements of a cause of action for breach of contract are (1) the existence of a promise; (2) a breach of that promise; (3) damage; and (4) the promisee's compliance with any conditions precedent.
The first and arguably most important principle is that there is no UCC outside of the United States. The Uniform Commercial Code, and by extension, Article 9, exist only in the U.S. Canada has adopted the PPSA (Personal Property Security Act) province by province, and this act is based on UCC principles.
Article 9 protects your right to freedom of thought, belief and religion. It includes the right to change your religion or beliefs at any time. You also have the right to put your thoughts and beliefs into action.
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).