Agreement Between Customer With Purchase

• Category: Contracts - Sale of Goods
• State: Multi-State
• Control #: US-0890BG
• Format: Word; Rich Text

Description

A purchase money security interest is a security interest or claim on property that enables a lender who provides financing for the acquisition of goods or equipment to obtain priority ranking ahead of other secured creditors. A purchase money security interest allows lenders to repossess goods that have been purchased with funds borrowed from them if the borrower defaults. Agreement for Sale of Goods Between Dealer and Customer with Purchase Money Security Interest is a legal document between a dealer and customer that sets out the terms and conditions of the sale of goods with a purchase money security interest (PSI). This document outlines the responsibilities of both parties and obligates the customer to pay the dealer for the goods they receive. It also grants the dealer a security interest in the customer’s property or assets, to be held in exchange for the goods purchased. Types of Agreement for Sale of Goods Between Dealer and Customer with Purchase Money Security Interest include: • Conditional Sales Contract: A conditional sale contract outlines the terms and conditions of a sale between the dealer and customer. It also includes a clause granting the dealer a security interest in the customer’s property or assets, to be held in exchange for the goods purchased. • Chattel Mortgage: A chattel mortgage is an agreement between the dealer and customer, where the customer pledges a specific item of personal property as security for a loan. The dealer has an ownership interest in the item until the loan is repaid. • Security Agreement: A security agreement is a contract between the dealer and customer that sets out the terms and conditions of the sale of goods with a purchase money security interest (PSI). The customer grants the dealer a security interest in their property or assets, to be held in exchange for the goods purchased. • Financing Statement: A financing statement is a filing with the relevant authority that provides notice to third parties of the security interest granted by the customer to the dealer. This allows the dealer to protect their rights and interests in the customer’s property or assets.

Agreement for Sale of Goods Between Dealer and Customer with Purchase Money Security Interest is a legal document between a dealer and customer that sets out the terms and conditions of the sale of goods with a purchase money security interest (PSI). This document outlines the responsibilities of both parties and obligates the customer to pay the dealer for the goods they receive. It also grants the dealer a security interest in the customer’s property or assets, to be held in exchange for the goods purchased. Types of Agreement for Sale of Goods Between Dealer and Customer with Purchase Money Security Interest include: • Conditional Sales Contract: A conditional sale contract outlines the terms and conditions of a sale between the dealer and customer. It also includes a clause granting the dealer a security interest in the customer’s property or assets, to be held in exchange for the goods purchased. • Chattel Mortgage: A chattel mortgage is an agreement between the dealer and customer, where the customer pledges a specific item of personal property as security for a loan. The dealer has an ownership interest in the item until the loan is repaid. • Security Agreement: A security agreement is a contract between the dealer and customer that sets out the terms and conditions of the sale of goods with a purchase money security interest (PSI). The customer grants the dealer a security interest in their property or assets, to be held in exchange for the goods purchased. • Financing Statement: A financing statement is a filing with the relevant authority that provides notice to third parties of the security interest granted by the customer to the dealer. This allows the dealer to protect their rights and interests in the customer’s property or assets.