Assignment of a Purchase Money Security Interest along with an Installment Contract with Full Recourse is a type of agreement between a lender and a borrower. It requires that the borrower assigns their purchase money security interest to the lender, as collateral for a loan. The loan is typically repaid in installments over a predetermined period of time, with the borrower being responsible for all costs associated with repayment, including interest. The lender is given full recourse, meaning that if the borrower defaults on the loan, the lender can take legal action to recover any losses. The two types of Assignment of a Purchase Money Security Interest along with an Installment Contract with Full Recourse are: 1) Unsecured Installment Contract with Full Recourse, and 2) Secured Installment Contract with Full Recourse. Under the Unsecured Installment Contract, the borrower does not provide collateral to secure the loan, but they are still held liable for all costs associated with repayment, including interest. Under the Secured Installment Contract, the borrower assigns their purchase money security interest to the lender as collateral for the loan. This provides the lender with additional security and protection in the event of a default.
Purchase Money Security Interest
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