California Secured Transactions Forms - California Secured Loan

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California Secured Transactions Forms FAQ Security Agreement California

What is a 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 borrowers 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, with the exception of 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.


California Power of Attorney – By Type

In California, a Power of Attorney is a legal document that allows someone you trust, known as an agent, to make decisions and act on your behalf. There are different types of Powers of Attorney in California, depending on what areas the agent has the authority to handle. For example, a General Power of Attorney gives the agent broad powers to handle your financial and legal matters, while a Limited Power of Attorney only gives them specific powers for a certain time or purpose. A Durable Power of Attorney is effective even if you become incapacitated, ensuring your agent can continue to act on your behalf. It's important to carefully consider who you choose as your agent and clearly define their powers in the Power of Attorney document to ensure your wishes are respected.


Real Estate Power of Attorney

In California, a Real Estate Power of Attorney is a legal document that allows someone you trust to make important decisions and act on your behalf in real estate matters. This document gives them the power to buy, sell, lease, manage, or mortgage property in your name. It's a useful tool if you are unable to personally attend to these matters due to illness, disability, or being out of the state or country. It's important to choose someone responsible and trustworthy as your agent, as they will have a significant role in managing your property affairs. Keep in mind that this power of attorney is only valid for real estate matters and does not grant control over your financial or personal affairs.


How to Get Power of Attorney in California

Getting power of attorney in California is a legal process that allows someone to make important decisions on your behalf. To obtain power of attorney, you need to follow a few simple steps. First, you should choose someone you trust to act as your agent or attorney-in-fact. Next, you need to complete the power of attorney form, which can be found online or at a legal office. You'll need to specify the powers you wish to grant your agent, such as making healthcare or financial decisions. Once the form is filled out, you and your chosen agent should sign it in front of a notary public. Finally, you should keep a copy of the form for your records and give a copy to your agent. With a power of attorney in place, you can have peace of mind knowing that your decisions will be carried out by someone you trust, if you are unable to make them yourself.


California POA Requirements

In California, a Power of Attorney (POA) is a legal document that allows one person (called the principal) to grant authority to another person (called the agent or attorney-in-fact) to make decisions on their behalf. California has specific requirements for creating a POA, which include the principal being of sound mind and at least 18 years old, and the document must be in writing and signed by the principal. It is also crucial to have two witnesses or a notary public present during the signing of the document. These requirements ensure that the POA is legally valid and can be relied upon for making important decisions when the principal is unable to do so themselves.