Connecticut Security Agreement is a legally binding agreement between Jon H. Row berry and Franklin Covey Company that aims to ensure the repayment of a debt or the fulfillment of an obligation. This agreement sets forth specific terms and conditions regarding the creation, perfection, and enforcement of security interests in certain assets or collateral provided by Jon H. Row berry to Franklin Covey Company. The Connecticut Security Agreement serves to protect the rights and interests of Franklin Covey Company by establishing a mechanism through which it can recover the outstanding debt or assets in the event of default by Jon H. Row berry. This agreement typically outlines the nature and description of the collateral offered, such as real estate, accounts receivable, equipment, or intellectual property. The agreement also provides details regarding the creation and registration of the security interest, ensuring that it will be enforceable against third parties. Connecticut's law mandates that a Security Agreement must be properly executed and filed with the appropriate state authority, such as the Secretary of State's office or county recorder's office, to establish priority and validity. Different types of Connecticut Security Agreement between Jon H. Row berry and Franklin Covey Company may include: 1. Real Estate Security Agreement: This type of agreement concerns the granting of a security interest in a specific property or piece of real estate owned by Jon H. Row berry to secure the repayment of a debt owed to Franklin Covey Company. It provides details about the property, its value, and conditions for the release of the security interest upon the debt's full repayment. 2. Equipment Security Agreement: This agreement pertains to the collateral supplied by Jon H. Row berry, which comprises equipment or machinery. It delineates the specifications of the equipment, its value, and the terms for its release or sale in case of default. 3. Accounts Receivable Security Agreement: This type of agreement focuses on the accounts receivable owed to Jon H. Row berry by customers or clients. It outlines the conditions under which Franklin Covey Company can assume control over these accounts or collect the outstanding amounts directly from the customers to satisfy the debt owed. 4. Intellectual Property Security Agreement: This agreement involves the granting of a security interest in Jon H. Row berry's intellectual property, such as patents, trademarks, copyrights, or trade secrets. It highlights the rights and restrictions concerning the use, licensing, or sale of these assets, ensuring they serve as collateral for the debt owed to Franklin Covey Company. In conclusion, the Connecticut Security Agreement between Jon H. Row berry and Franklin Covey Company is a critical document that establishes the rights, obligations, and remedies of both parties. It secures the debt repayment or performance of certain obligations by utilizing specified assets or collateral as security. By ensuring compliance with Connecticut law and appropriate registration processes, this agreement protects interests and provides a legal framework for debt recovery in case of default.
Connecticut Security Agreement between Jon H. Rowberry and Franklin Covey Company
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