District of Columbia Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness
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How to fill out Liquidation Agreement Regarding Debtor's Collateral In Satisfaction Of Indebtedness?
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FAQ
Ing 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 ...
Collateral can include business-related items such as inventory, business furniture, accounts receivable, or some business savings accounts. If a borrower defaults, the security agreement allows the lender to collect the borrower's collateral and either sell it or hold onto it until the loan is repaid.
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. Most security agreements, however, go beyond these basic requirements.
It does not matter whether the agreement is between individuals or companies. A security agreement must contain a description of the collateral that reasonably identifies it; "all the debtor's assets" does not reasonably identify the collateral.
A security agreement that identifies all the debtor's assets is insufficient under the UCC because it does not reasonably identify the collateral. A security agreement must contain a description of the collateral that reasonably identifies it.