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 (the secured party) 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. Personal property is basically anything that is not real property.
Virgin Islands Notice of Default under Security Agreement in Purchase of Mobile Home
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US-02459BG
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How to fill out Notice Of Default Under Security Agreement In Purchase Of Mobile Home?
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FAQ
Article 9 of the Uniform Commercial Code (UCC), as adopted by all fifty states, generally governs secured transactions where security interests are taken in personal property. It regulates creation and enforcement of security interests in movable property, intangible property, and fixtures.
As a general rule, a perfected security interest in movable collateral remains perfected for up to four months after the debtor moves the collateral to another state.
When a debtor sells collateral he receives proceeds. Things that are exchanged for collateral. Secured party's interest in the proceeds lasts only 10 days after the debtor receives the proceeds. If debtor sells collateral in which a secured party has an interest, the security interest generally remains in effect.
UCC Article 3 pertains to negotiable instruments. It states that a person who acquires a negotiable instrument through delivery and any required indorsement will become the holder of the instrument.
To become a secured party, the creditor must obtain a security interest in the collateral of the debtor.
If the proceeds are not identifiable cash proceeds, the perfection of the secured party's security interest in such proceeds continues for a period of 20 days.
The term purchase money security interest (PMSI) refers to a legal claim that allows a lender to either repossess property financed with its loan or to demand repayment in cash if the borrower defaults. It gives the lender priority over claims made by other creditors.
Your debtor defaults, or is in default, when they fail to fulfill the obligations identified in the Security Agreement. Default includes bankruptcy or insolvency of your debtor, debtor's failure to pay debts when due, removal of collateral and failure to insure collateral.
Uniform Commercial Code Article 1 contains definitions and general provisions applicable as default rules to transactions covered under other articles of the UCC. Article 1 was last revised in 2001, with a few minor amendments since then to harmonize with recent revisions of other UCC articles.
Article 9 is a section under the UCC governing secured transactions including the creation and enforcement of debts.
