Security Agreement between Jon H. Rowberry and Franklin Covey Company
About this form
The Security Agreement between Jon H. Rowberry and Franklin Covey Company is a legal document designed to outline the terms by which Jon H. Rowberry grants a security interest in collateral to secure a promissory note. This agreement ensures that Franklin Covey has a claim over specific shares of stock in the event of non-payment or default, distinguishing it from other types of loan agreements that do not involve security interests.
Main sections of this form
- Identification of parties: Includes details about the Obligor (Jon H. Rowberry) and the Secured Party (Franklin Covey Company).
- Grant of security interest: Details the collateral (shares of stock) granted to secure the promissory note.
- Covenants and representations: Obligor's commitments regarding the ownership and condition of the collateral.
- Default provisions: Outlines what constitutes a default and the remedies available to Franklin Covey upon default.
- Partial release conditions: Describes the conditions under which some collateral may be released upon partial payments.
- Governing law: Establishes that the agreement is governed by the laws of the State of Utah.
When this form is needed
This Security Agreement should be used when an individual (Obligor) wishes to secure a loan with collateral in the form of stock shares. It is ideal in circumstances where a lender (Secured Party) requires assurance that they can claim specific assets if the borrower defaults on repayment, such as when taking on significant debt that exceeds the borrower's unsecured creditworthiness.
Who needs this form
This form is suitable for:
- Individuals borrowing money secured by corporate stock.
- Lenders looking to establish a security interest in collateral.
- Parties involved in corporate financing agreements.
- Those requiring a clear understanding of their rights and obligations regarding secured loans.
How to complete this form
- Identify the parties involved: Fill in the names and addresses of Jon H. Rowberry and Franklin Covey Company.
- Specify the collateral: Enter the number of shares of Franklin Covey stock being pledged as security.
- Detail the obligations secured: Reference the specific promissory note and its principal amount.
- Include any covenants: Ensure that all representations about collateral ownership and conditions are accurately stated.
- Sign and date the agreement: All parties must sign the agreement to make it legally binding.
Does this form need to be notarized?
In most cases, this form does not require notarization. However, some jurisdictions or signing circumstances might. US Legal Forms offers online notarization powered by Notarize, accessible 24/7 for a quick, remote process.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Mistakes to watch out for
- Failing to specify the correctly identified collateral can cause issues with enforceability.
- Not including all necessary signatures, which could invalidate the agreement.
- Ignoring local laws that may affect the validity of the security interest.
Benefits of completing this form online
- Convenience: Easily download your form at any time.
- Editability: Fill in the required fields without any hassle.
- Reliability: Access forms drafted by licensed attorneys to ensure legal soundness.
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FAQ
Get it in Writing. Use Language You Can Understand. Be Detailed. Include Payment Details. Consider Confidentiality. Include Language on How to Terminate the Contract. Consider State Laws Governing the Contract. Include Remedies and Attorneys' Fees.
A memorandum of agreement (MOA) or cooperative agreement is a document written between parties to cooperatively work together on an agreed upon project or meet an agreed upon objective. The purpose of an MOA is to have a written understanding of the agreement between parties.
Get it in writing. Keep it simple. Deal with the right person. Identify each party correctly. Spell out all of the details. Specify payment obligations. Agree on circumstances that terminate the contract. Agree on a way to resolve disputes.
1Provide details of the parties.2Describe services or results.3Set out payment details.4Assign intellectual property rights.5Explain how to treat confidential information.6Identify who is liable indemnity.7Provide insurance obligations.8Outline any subcontracting agreements.How to prepare a contract business.gov.au\nbusiness.gov.au > products-and-services > contracts-and-tenders > how-to-...
The definition of agreement means the act of coming to a mutual decision, position or arrangement. An example of an agreement is the decision between two people to share the rent in an apartment.