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Virgin Islands
Security Agreement in Accounts and Contract Rights

Virgin Islands Security Agreement in Accounts and Contract Rights

Category:

Loans and Lending - Security Agreements

State:

Multi-State

Control #:

US-01730BG

Format:

Instant download

Description

A secured transaction is created when a buyer or borrower (debtor) grants a seller or lender (creditor or secured party) a security interest in personal property (collateral). A security interest allows a creditor to repossess and sell the collateral if a debtor fails to pay a secured debt.

A secured transaction involves a sale on credit or lending money where a creditor is unwilling to accept the promise of a debtor to pay an obligation without some sort of collateral. The creditor requires the debtor to secure the obligation with collateral so that if the debtor does not pay as promised, the creditor can take the collateral, sell it, and apply the proceeds against the unpaid obligation of the debtor. A security interest is an interest in personal property or fixtures that secures payment or performance of an obligation. The property that is subject to the security interest is called the collateral. The party holding the security interest is called the secured party.

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FAQ

Hear this out loud PauseA type of security: the delivery of possession of an asset as security until payment. Possession may be actual or constructive, for example, handing over the keys to the store where the pledged goods are kept. Ownership remains with the pledgor.

The grantors are usually the borrower, its parent and its subsidiaries. The grantors typically enter into the security agreement with a collateral agent, which is acting on behalf of lenders under a syndicated loan agreement.

Hear this out loud PauseA 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.

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.

Just like real estate deeds, security agreements should be recorded at state offices and made available to the public. Recording a security agreement?filing / registering it with the state?does a number of things for both parties involved.

Hear this out loud PauseA type of security interest in which a lender takes possession of personal property as security for an obligation. The personal property involved is also called a pledge.

Hear this out loud PauseThe 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.

Under the UCC, a pledge agreement is a security agreement. The nature of the pledged assets means that a pledge agreement may contain different representations and warranties and covenants than a security agreement over business assets (for example, voting rights).