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.
Utah 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
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 security agreement must contain a description of the collateral that reasonably identifies it. A security agreement that identifies the collateral as all the debtor's assets is sufficient under the UCC.
The security agreement must: be signed (or authenticated) by the debtor and the owner of the property, contain a description of the collateral and. make it clear that a security interest is intended.
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.
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).
A security agreement creates the security interest, making it enforceable between the secured party and the debtor. A UCC-1 financing statement neither creates a security interest nor does it alter its scope; it only gives notice of the security interest to third parties.
UCC § 1-201(35) defines a ?Security Interest? as ?an interest in personal property or fixtures that secures payment or performance of an obligation.? In the context of suretyship, the security agreement is usually found in the Indemnity Agreement.
In the U.S. the term "security interest" is often used interchangeably with "lien". However, the term "lien" is more often associated with the collateral of real property than with of personal property. A security interest is typically granted by a "security agreement".