Secured Transactions Forms
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What is Secured Transaction?
A secured transaction is created by means of a security agreement in which a lender (the secured party) may take specified collateral owned by the borrower if he or she should default on the loan. By creating a security interest, the secured party is also assured that if the debtor should go bankrupt he or she may be able to recover the value of the loan by taking possession of the specified collateral instead of receiving only a portion of the borrower’s property after it is divided among all creditors.
What law governs secured transactions?
The Uniform Commercial Code is a model statute covering transactions in such matters as the sale of goods, credit, bank transactions, conduct of business, warranties, negotiable instruments, loans secured by personal property and other commercial matters. Article 9 of the Uniform Commercial Code covers most types of security agreements for personal property that are both consensual and commercial. All states have adopted and adapted the entire UCC, except for Louisiana, which only adopted parts of it. General contract law principles will also apply.
What is collateral?
Collateral is the property that secures the debt and may be forfeited to the creditor if the debtor fails to pay the debt. Property of numerous types may serve as collateral, such as houses, cars, jewelry, shares of stock of a company, inventory, accounts receivable, etc.
What are the most common forms used for Secured Transactions?
Extension of Loan Agreement Secured by a Deed of Trust as to Maturity Date and Increase in Interest Rate, Security Agreement in Equipment for Business Purposes – Securing Promissory Note, Notice of Default under Security Agreement in Purchase of Mobile Home, and Installment Promissory Note and Security Agreement.