California Undertaking By Personal Sureties (Attachment-Claim And Delivery) is an agreement between a creditor and a debtor that allows a creditor to attach a debtor’s property to secure payment of a debt. The debtor agrees to give the creditor a lien on the property in exchange for a promise by the creditor to release the lien if the debt is paid. The security interest in the debtor's property is held by the surety, who is usually a third party such as a bank, trust company, or other financial institution. The surety agrees to pay the creditor if the debtor fails to pay the debt. This type of arrangement is commonly used when a debtor is unable to obtain financing from a traditional lender. There are two types of California Undertaking By Personal Sureties (Attachment-Claim and Delivery): 1. Attachment: This type of undertaking allows the creditor to attach the debtor’s property in order to secure payment of the debt. The attachment must be done by a court order and the creditor must file a claim and demand for delivery of the property. 2. Claim and Delivery: This type of undertaking allows the creditor to make a claim against the debtor’s property and demand delivery of the property. The creditor must file a claim in order to make a demand for delivery. The court will order the debtor to deliver the property to the creditor, or it can order the debtor to pay the debt.
California Undertaking By Personal Sureties (Attachment-Claim And Delivery) is an agreement between a creditor and a debtor that allows a creditor to attach a debtor’s property to secure payment of a debt. The debtor agrees to give the creditor a lien on the property in exchange for a promise by the creditor to release the lien if the debt is paid. The security interest in the debtor's property is held by the surety, who is usually a third party such as a bank, trust company, or other financial institution. The surety agrees to pay the creditor if the debtor fails to pay the debt. This type of arrangement is commonly used when a debtor is unable to obtain financing from a traditional lender. There are two types of California Undertaking By Personal Sureties (Attachment-Claim and Delivery): 1. Attachment: This type of undertaking allows the creditor to attach the debtor’s property in order to secure payment of the debt. The attachment must be done by a court order and the creditor must file a claim and demand for delivery of the property. 2. Claim and Delivery: This type of undertaking allows the creditor to make a claim against the debtor’s property and demand delivery of the property. The creditor must file a claim in order to make a demand for delivery. The court will order the debtor to deliver the property to the creditor, or it can order the debtor to pay the debt.
