Indiana General Security Agreement granting secured party secured interest

• Category: Corporations - Public - Security
• State: Multi-State
• Control #: US-EG-9496
• Format: Word; Rich Text

Description

General Security Agreement between U.S. Wireless Data, Inc. and ComVest Capital Management, LLC regarding granting secured party secured interest dated December 30, 1999. 18 pages. A General Security Agreement (GSA) is a legal document that establishes a secured interest in personal property to secure a debt or obligation owed by a debtor to a secured party. In the state of Indiana, the Indiana Uniform Commercial Code (UCC) governs the creation and enforceability of GSA's. When granting a secured interest, the Indiana General Security Agreement typically includes essential information such as the identities of the debtor and secured party, a description of the collateral that the debtor is providing as security, and the terms and conditions of the agreement. The purpose of this agreement is to protect the interests of the secured party in case of default or non-payment by the debtor. By obtaining a secured interest, the secured party has the right to take possession and sell the collateral to recover the outstanding debt. There are various types of GSA's that may be used in Indiana, depending on the specific circumstances and nature of the debt or obligation. Some common types include: 1. Real Estate Security Agreement: This type of GSA involves the granting of a secured interest in real property, usually in the form of mortgages or liens. It enables the secured party to claim the property if the debtor fails to fulfill their obligations. 2. Chattel Security Agreement: This type pertains to personal property, such as machinery, equipment, or inventory. It grants a secured interest in movable assets and allows the secured party to repossess the collateral or sell it to recover the debt. 3. Accounts Receivable Security Agreement: This GSA applies when a debtor pledges their accounts receivable as security. It provides the secured party the right to collect directly from the accounts receivable in case of default. 4. Intellectual Property Security Agreement: This agreement secures an interest in intellectual property assets, including patents, copyrights, or trademarks. It allows the secured party to enforce their rights over the intellectual property if the debtor fails to meet their obligations. It is important to note that Indiana follows the "notice filing" approach for the perfection of security interests. This means that the GSA must be filed with the Indiana Secretary of State to give notice to third parties about the secured party's interest in the collateral. In conclusion, an Indiana General Security Agreement granting secured party secured interest is a legal document that establishes a secured interest in personal or real property. It serves as a means to safeguard the rights of the secured party and provides them the authority to reclaim or sell the collateral in case of debtor default or non-payment. Different types of GSA's exist in Indiana, including real estate security agreements, chattel security agreements, accounts receivable security agreements, and intellectual property security agreements.

A General Security Agreement (GSA) is a legal document that establishes a secured interest in personal property to secure a debt or obligation owed by a debtor to a secured party. In the state of Indiana, the Indiana Uniform Commercial Code (UCC) governs the creation and enforceability of GSA's. When granting a secured interest, the Indiana General Security Agreement typically includes essential information such as the identities of the debtor and secured party, a description of the collateral that the debtor is providing as security, and the terms and conditions of the agreement. The purpose of this agreement is to protect the interests of the secured party in case of default or non-payment by the debtor. By obtaining a secured interest, the secured party has the right to take possession and sell the collateral to recover the outstanding debt. There are various types of GSA's that may be used in Indiana, depending on the specific circumstances and nature of the debt or obligation. Some common types include: 1. Real Estate Security Agreement: This type of GSA involves the granting of a secured interest in real property, usually in the form of mortgages or liens. It enables the secured party to claim the property if the debtor fails to fulfill their obligations. 2. Chattel Security Agreement: This type pertains to personal property, such as machinery, equipment, or inventory. It grants a secured interest in movable assets and allows the secured party to repossess the collateral or sell it to recover the debt. 3. Accounts Receivable Security Agreement: This GSA applies when a debtor pledges their accounts receivable as security. It provides the secured party the right to collect directly from the accounts receivable in case of default. 4. Intellectual Property Security Agreement: This agreement secures an interest in intellectual property assets, including patents, copyrights, or trademarks. It allows the secured party to enforce their rights over the intellectual property if the debtor fails to meet their obligations. It is important to note that Indiana follows the "notice filing" approach for the perfection of security interests. This means that the GSA must be filed with the Indiana Secretary of State to give notice to third parties about the secured party's interest in the collateral. In conclusion, an Indiana General Security Agreement granting secured party secured interest is a legal document that establishes a secured interest in personal or real property. It serves as a means to safeguard the rights of the secured party and provides them the authority to reclaim or sell the collateral in case of debtor default or non-payment. Different types of GSA's exist in Indiana, including real estate security agreements, chattel security agreements, accounts receivable security agreements, and intellectual property security agreements.