The Washington Amended Uniform Commercial Code (UCC) security agreement is a legal document that establishes a secure interest in personal property as collateral for a loan or credit. It ensures that the lender has a right to claim the specified assets if the borrower defaults on their obligations. This agreement is governed by the Washington State laws and provisions of the UCC, specifically Article 9. It is a crucial document in various business transactions and lending scenarios, providing a safeguard for lenders by creating a lien on the borrower's collateral. The Washington Amended UCC security agreement includes pertinent details such as the names and addresses of both the debtor (borrower) and secured party (lender), a detailed description of the collateral, obligations and rights of both parties, terms and conditions, and procedures for default and remedies. There are different types of Washington Amended UCC security agreements, which can be tailored to specific loan transactions or commercial activities: 1. Traditional Security Agreement: This is the most common type of security agreement. It involves the creation of a security interest in specific collateral, such as inventory, equipment, or accounts receivable. The agreement outlines the scope and conditions of the security interest. 2. PSI (Purchase Money Security Interest): A PSI agreement arises when a lender provides financing for the borrower's purchase of specific collateral, such as equipment or inventory. This agreement grants the lender a security interest in the purchased assets to secure the loan. 3. Agricultural Security Agreement: This type of security agreement is specific to agricultural transactions, where the collateral could include crops, livestock, or farm equipment. It addresses the unique aspects of farming operations and provides additional provisions, such as crop insurance requirements or special filing procedures. 4. Fixture Filing: A fixture filing involves creating a security interest in fixtures, which are goods that have been attached to real estate. This type of security interest is typically used in construction projects or commercial leases, where the borrower's business fixtures serve as collateral for the loan. It is important to consult legal professionals or financial advisors while drafting or entering into a Washington Amended UCC security agreement to ensure compliance with the state's laws and specific requirements.
Washington Amended Uniform commercial code security agreement
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How to fill out Washington Amended Uniform Commercial Code Security Agreement?
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Article 9 details exactly how to create a secured transaction between a creditor and debtor and requires three (3) essential components: (A) Value must be given, this is typically a line of credit; (B) the Debtor must have rights in the collateral, the individual using their property as collateral (car, house, a ...
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.
As of July 24, 2023, 8 states have adopted the 2022 Amendments to the Uniform Commercial Code, including Article 12 regarding "Controllable Electronic Records" ? Alabama, Colorado, Hawaii, Indiana, Nevada, New Mexico, North Dakota, and Washington.
UCC § 9-203 sets forth the requirements for attachment and enforceability of security interests. 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.
Article 9 of the Uniform Commercial Code requires a financing statement to include the name of the debtor. It is important to set forth the exact legal name of the debtor in any filings that are made.
Uniform Commercial Code (UCC) filings allow creditors to notify other creditors about a debtor's assets used as collateral for a secured transaction. UCC liens filed with Secretary of State offices act as a public notice by the "creditor" of the creditor's interest in the property.
§§ 9-306B, 12-107. The 2022 Amendments amend the Article 9 definition of chattel paper to make it clear that it is the underlying right of payment of a monetary obligation that is chattel paper and not record or records that evidence that right.
Section 9-102(a)(64) of the UCC provides that proceeds are whatever is received upon the sale, lease, license, exchange, or other disposition or collection of, or distribution on account of, collateral.