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West Virginia
Security Agreement in Accounts and Contract Rights

West Virginia Security Agreement in Accounts and Contract Rights

Category:

Loans and Lending - Security Agreements

State:

Multi-State

Control #:

US-01730BG

Format:

Instant download

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.

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FAQ

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.

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 contracts. Article 9 of the Uniform Commercial Code governs security interests in personal property. It has been adopted, with some modifications, by every state. A security agreement must comply with other state laws governing contracts.

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 ...

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.

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.

At a minimum, a valid security agreement consists of a description of the collateral, a statement of the intention of providing security interest, and signatures from all parties involved. Most security agreements, however, go beyond these basic requirements.