Washington Personal Property Security Agreement
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How to fill out Washington Personal Property Security Agreement?
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FAQ
A security agreement may be oral if the secured party (the lender) has actual physical possession of the collateral.
Security agreements are a necessary part of the business world, as lenders would never extend credit to certain companies without them. In the event that the borrower defaults, the pledged collateral can be seized by the lender and sold.
Certain specific requirements are required for the security agreement to form the foundation for a valid security interest, namely 1) it must be signed, 2) it must clearly state that a security interest is intended, and 3) it must contain a sufficient description of the collateral subject to the security interest.
A ?SECURITY AGREEMENT? is an agreement that. creates or provides for an interest in personal property. that secures payment or performance of an obligation.
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 statute of frauds within UCC Article 9 requires the security agreement be in writing. An exception to this requirement is when a security interest is pledged.
In general: (1) the creditor must give value, (2) the debtor must have rights in the collateral, and (3) there must be a security agreement or other action indicating an intent to convey a security interest. Once the security interest has ?attached,? it is effective between the debtor and the creditor.
Signature Required. A signature of the debtor, and the owner of the collateral if the owner is different party, must sign the security agreement in order for the security agreement to be effective. This is obviously important, and it is a strict rule.