Oregon Security Agreement - Short Form
Description
How to fill out Security Agreement - Short Form?
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FAQ
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.
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.
A security agreement may be oral if the secured party (the lender) has actual physical possession of 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.
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.
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 securities account control agreement enables the secured party to obtain control over the security entitlement, and therefore the securities account, and so enables its security interest in the securities account to be perfected (UCC § 9-106).
A Specific Security Agreement (formerly known as Chattel Mortgage) is an equipment financing option that allows businesses to own their equipment upon purchase. BOQ Equipment Finance Limited secures the loan by registering a charge over the goods.
