The Virginia Amended Uniform Commercial Code (UCC) Security Agreement is a legal document that establishes a creditor's security interest in a debtor's personal property as collateral for a loan or debt. It outlines the rights and obligations of both parties and serves to protect the interests of the creditor. Key elements of the Virginia Amended UCC Security Agreement include: 1. Collateral Description: The agreement identifies the personal property pledged as collateral, including but not limited to inventory, accounts receivable, equipment, fixtures, and general intangibles. 2. Granter and Secured Party Information: The agreement names the debtor (granter) and creditor (secured party) involved in the transaction, along with their contact details and relevant information. 3. Obligations and Defaults: The agreement specifies the obligations of the debtor, such as repayment terms, interest rates, and the occurrence of default events, including non-payment or breach of other loan terms. 4. Perfection of Security Interest: It outlines the steps necessary to perfect the security interest, typically through filing a UCC financing statement with the Virginia Secretary of State or maintaining possession of the collateral. 5. Priority of Claims: The agreement addresses the priority of the creditor's security interest in case of competing claims from other creditors. Generally, the first creditor to perfect their security interest holds a higher priority. In Virginia, there are different types of UCC security agreements based on the nature of collateral or specific industry requirements. Some notable types include: 1. Purchase Money Security Agreement (PSI): This agreement is used when a creditor provides financing to a debtor for acquiring specific collateral, such as equipment or inventory. The creditor holds a priority position for the financed purchase. 2. Floating Lien Security Agreement: This type allows the debtor to use their entire inventory as collateral, unlike specific collaterals mentioned in other agreements. It covers present and future inventory, allowing the debtor to sell or replace the inventory while maintaining the security interest. 3. Intellectual Property Security Agreement: Used when the collateral involves intellectual property rights, such as patents, copyrights, or trademarks. This agreement provides the creditor with a security interest in these intangible assets. Understanding the Virginia Amended UCC Security Agreement is crucial for business owners, lenders, and legal professionals involved in secured transactions. It offers a legal framework ensuring the protection of both the debtor and creditor's interests while establishing clear guidelines for collateral and repayment obligations. By following the relevant provisions and accurately documenting the agreement, parties can navigate potential disputes and enforce their rights effectively.
Virginia Amended Uniform commercial code security agreement
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How to fill out Virginia Amended Uniform Commercial Code Security Agreement?
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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 ...
§ 6.2-301. The legal rate of interest shall be an annual rate of six percent. B. Except as provided in subsection (b) of § 8.3A-112 and § 6.2-302, the legal rate of interest shall be implied when there is an obligation to pay interest and no express contract to pay interest at a specified rate.
FindLaw Newsletters Stay up-to-date with how the law affects your life Legal Maximum Rate of Interest8% unless contract specifies (§6.1-330.53)Penalty for Usury (Unlawful Interest Rate)Borrower may recover twice interest paid, court costs, and unreasonable attorney's fees (§6.1-330.57)2 more rows
A seller or lender engaged in extending credit under an open-end credit plan to a resident of the Commonwealth or to any individual in the Commonwealth shall not charge, collect, or receive, directly or indirectly, credit insurance premiums, charges for any ancillary product sold, charges for negotiating forms of loan ...
§ 6.2-303. Except as otherwise permitted by law, no contract shall be made for the payment of interest on a loan at a rate that exceeds 12 percent per year.
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.
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".
A. The judgment rate of interest shall be an annual rate of six percent, except that a money judgment entered in an action arising from a contract shall carry interest at the rate lawfully charged on such contract, or at six percent annually, whichever is higher.