Washington Acknowledgement of Security Interest (WAS) is a document used in Washington State to create a security interest in personal property. It is used to secure a debt or a loan agreement and is typically used in a transaction where collateral is being provided. WAS is a part of the Uniform Commercial Code and can be used to protect lenders in the event of default. There are different types of Washington Acknowledgement of Security Interest, depending on the type of loan agreement. These include: WAS for consumer transactions, WAS for business transactions, WAS for motor vehicle transactions, WAS for farm product transactions, and WAS for real estate transactions. All Basis must be recorded with the county auditor in order to be valid.
Washington Acknowledgement of Security Interest
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How to fill out Washington Acknowledgement Of Security Interest?
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FAQ
Three steps are required for attachment of a security interest: value must be given, the debtor must have rights in the collateral or the power to transfer rights in the collateral to the secured party, and the debtor must sign or authenticate a security agreement.
Definitions of enforce security to take possession or ownership of assets used as security against money owed that has not been paid.
(a) Attachment. A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment.
The two step process for obtaining an enforceable security interest consists of attachment and perfection. A security interest is not legally enforceable against a debtor, if it is not attached to one or more particular items of the debtor's property.
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
Other methods of perfection of a security interest in letter-of-credit rights (such as taking possession of a letter of credit) will no longer be available. Perfection can be only by perfection in the underlying obligation (and hence in the letter-of-credit rights as support obligations) or by "control. ''
To notarize a document in Washington, you will need to appear before a state-commissioned notary public, along with any other document signers.
Failure to register or otherwise perfect security interests, and to comply with all legal requirements and timeframes in doing so, can result in losing your claim to property that is the subject of the security interest ? even if it is property that you own.