A Washington Security Agreement involving the sale of collateral by a debtor is a legal contract that establishes a secured transaction where a debtor borrows money or obtains credit and pledges collateral as security for the repayment of the debt. This agreement is governed by the Uniform Commercial Code (UCC) Article 9 in the state of Washington. The primary purpose of a Washington Security Agreement involving the sale of collateral by a debtor is to protect the rights of the secured party (often a lender) by granting them a legally enforceable interest in the collateral. The collateral serves as a guarantee that the debtor will fulfill their obligations under the agreement, including the repayment of the debt. Keywords: Washington Security Agreement, sale of collateral, debtor, secured transaction, collateral, repayment, UCC Article 9, secured party, lender, obligations, enforceable interest. There are different types of Washington Security Agreements involving the sale of collateral by the debtor, including: 1. Fixed Security Agreement: In this type of agreement, specific collateral is identified and described in detail. The collateral remains constant throughout the duration of the agreement, providing a clear understanding of the assets securing the debt. 2. Floating Security Agreement: This type of agreement allows for future-acquired collateral to be included as security for the debt. Debtor-owned assets that are acquired after the agreement's creation can be incorporated into the collateral pool without requiring additional documentation. 3. Future Advance Security Agreement: This agreement allows the debtor to secure both current and future debts by granting the secured party an interest in existing collateral, as well as in collateral acquired or created in the future. It provides flexibility for the debtor to obtain credit or borrow money over an extended period. 4. PSI Security Agreement: A Purchase Money Security Interest (PSI) is a type of security interest granted to a seller or lender who provides financing to the debtor to acquire specific collateral. The collateral itself serves as the primary security for the debt. When the debtor uses borrowed funds to purchase the collateral, this agreement ensures that the seller or lender has the highest priority claim on the collateral. It is important to consult legal professionals specializing in the UCC and Washington state laws to ensure accurate preparation, execution, and enforcement of a Washington Security Agreement involving the sale of collateral by a debtor.