Debtor grants to the secured party a security interest in the property described in the agreement to secure payment of debtors obligation to the secured party. Other provisions within the agreement include: attachment, judgments, and bulk sale.
Securities Agreement Collateral Without
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US-01692-AZ
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Summary: Thus, when the collateral is not in the possession of the secured party, a security agreement must be in writing to be enforceable. The agreement must be signed by the debtor, contain a description of the property, and the description must reasonably identify the property involved (the collateral).
Collateral descriptions often include an after-acquired property clause to include within the scope of the collateral certain property that was not in the debtor's possession when the security agreement was executed but which may come into the debtor's possession afterward.
For purposes of attachment, the debtor must "authenticate" a security agreement. In other words, the debtor must sign the agreement....The UCC specifies what must be contained in a financing statement:the name of the debtor.the name of the secured party; and.an indication of the collateral.
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.
According to UCC Section 9-504, a financ- ing statement sufficiently indicates the collateral that it covers if the financing statement provides (1) a description of the collateral pursuant to UCC Section 9-108, or (2) a generic description of all assets or all personal property of the debtor if the description of
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A secured transaction is a contract between the debtor and the secured party. (B) The collateral is not a certificated security and is in the possession of the secured party under Section 9313 pursuant to the debtor's security agreement.Erty" would not suffice in a security agreement. 3) "Borrower" means . 4) "Collateral" means . It should be noted that a security agreement is not required for attachment if collateral is in the possession of the secured. A security interest attaches if the debtor has rights in the collateral, the creditor has given value, and the debtor has signed a complete security agreement.