Washington Security Agreement in Accounts and Contract Rights

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US-01730BG
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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.

The Washington Security Agreement in Accounts and Contract Rights is a legal document that establishes a security interest in certain assets, specifically accounts receivable and contract rights, held by a debtor to secure the repayment of a debt. This agreement is commonly used in commercial transactions where a lender or creditor wants to ensure that they have a priority claim to these assets in the event of default or bankruptcy. The Washington Security Agreement in Accounts and Contract Rights provides protection for both parties involved in the transaction. The creditor is granted a security interest in the debtor's accounts receivable and contract rights, which means that if the debtor fails to fulfill their obligations, the creditor has the right to seize and sell these assets to recover the outstanding debt. This type of security agreement is enforceable under the Uniform Commercial Code (UCC) Article 9, which governs secured transactions in the United States. The UCC provides a standardized framework for the creation, perfection, and enforcement of security interests in various types of collateral. It is important to note that while the Washington Security Agreement in Accounts and Contract Rights generally covers accounts receivable and contract rights, there can be variations in the specific scope and terms of these agreements. Some common variations or types of such agreements include: 1. General Security Agreement: This is the most common type, where the debtor grants a security interest in all of their accounts receivable and contract rights to the creditor. It provides a broad security interest in all present and future accounts and contract rights held by the debtor. 2. Specific Security Agreement: In some cases, the security interest may be limited to specific accounts receivable or contract rights. This allows the creditor to have priority only over the specified assets, providing more flexibility to the debtor. 3. Floating Lien Security Agreement: This type of agreement encompasses a security interest in a revolving pool of accounts receivable or contract rights. It enables the debtor to continue conducting business and adding new assets to the pool, while the creditor retains a security interest in the entire pool. The Washington Security Agreement in Accounts and Contract Rights is an essential tool for lenders and creditors to safeguard their interests and ensure debt repayment. It is crucial for both parties to understand the terms and conditions outlined in the agreement and comply with their obligations to avoid any legal disputes or complications in the future. Consulting with legal professionals experienced in secured transactions is recommended to draft and execute a valid and enforceable security agreement.

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FAQ

A security agreement creates the security interest, making it enforceable between the secured party and the debtor. A UCC-1 financing statement neither creates a security interest nor does it alter its scope; it only gives notice of the security interest to third parties.

Debt that is secured may include all obligations of the debtor to the lender (i.e., cross-collateralized), present and future. Unlike some mortgage instruments that are extinguished upon repayment, a GSA remains valid until the registration has expired or the lender releases the charge.

Ii) Securities contract The term ?securities contract?? (I) means a contract for the purchase, sale, or loan of a security, a certificate of deposit, a mortgage loan, any interest in a mortgage loan, a group or index of securities, certificates of deposit, or mortgage loans or interests therein (including any interest ...

Article 9 governs security interests in personal property, though other parts of the Uniform Commercial Code sometimes play a role in the creation, enforcement, perfection, and priority of security interests. In Washington, Article 9 is at Chapter 62A. 9A RCW.

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 ...

A security agreement, in the law of the United States, is a contract that governs the relationship between the parties to a kind of financial transaction known as a secured transaction.

A security and guaranty is a contract that ensures payment will be made by a particular party in the event that the borrower, or agent, fails to do so. The security portion of the agreement determines an asset or assets that will be offered up as collateral to the lender to secure the loan.

Security agreements are generally used to supplement a secured promissory note. The note is the borrower's actual promise to repay the money it received.

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(This form is intended for use in Washington State consumer transactions and for related personal property specified in Exhibit A; it is not intended for ... Start survey. Complete ChapterHTML PDF. Article 9A. SECURED TRANSACTIONS; SALES OF ACCOUNTS, CONTRACT RIGHTS AND CHATTEL PAPER. Sections. PART 1. GENERAL ...Borrower irrevocably consents and submits to the non-exclusive jurisdiction of the Washington State Courts located within Seattle, Washington, and the United ... A simple letter from the debtor can suffice as long as it is signed by the debtor and the property owner, adequately describes the collateral and makes it clear ... Apr 18, 2023 — Information Required For Proper Security Agreement · Signature · Statement that a security interest is intended · A description of the collateral ... Browse Revised Code of Washington | Part 2 - EFFECTIVENESS OF SECURITY AGREEMENT ... 9A - SECURED TRANSACTIONS; SALES OF ACCOUNTS, CONTRACT RIGHTS AND CHATTEL ... ... complete performance of the obligations contained in this Agreement. ... To the extent allowable by law, any provisions of the Security Agreement not ... by LL Bull Jr · 1979 · Cited by 1 — ests in contract rights and accounts are perfected by filing in the state where the debtor ... A perfected interest in contract rights may be converted into an ... The loan agreement and security interest were properly filed. The debtor defaulted and the creditor asserted its rights to the milk quota and accounts ... Costs of collection or enforcement. Secured obligation. Obligations secured by subordinate liens or security interests. Debtor. Assets like accounts-receivable, ...

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Washington Security Agreement in Accounts and Contract Rights