A secured transaction is created when a buyer or borrower (debtor) grants a seller or lender (creditor or secured party) a security interest in personal property (collateral). A security interest allows a creditor to repossess and sell the collateral if a debtor fails to pay a secured debt.
A secured transaction involves a sale on credit or lending money where a creditor is unwilling to accept the promise of a debtor to pay an obligation without some sort of collateral. The creditor (the secured party) requires the debtor to secure the obligation with collateral so that if the debtor does not pay as promised, the creditor can take the collateral, sell it, and apply the proceeds against the unpaid obligation of the debtor. A security interest is an interest in personal property or fixtures that secures payment or performance of an obligation. Personal property is basically anything that is not real property.
Kentucky Notice of Default under Security Agreement in Purchase of Mobile Home
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How to fill out Notice Of Default Under Security Agreement In Purchase Of Mobile Home?
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FAQ
You typically file a security agreement with the appropriate state office, such as the Secretary of State or local county recorder's office, depending on the property type. Filing in the correct location is crucial for establishing the priority of your interest in the property. If your mobile home security agreement is involved with the Kentucky Notice of Default, ensure it is correctly filed to protect your rights.
Reverse Mortgage: In this case, the lender lends money to the borrower on a monthly basis. The entire loan amount is divided into instalments and the lender gives the borrower that money in instalments.
Definition of ChattelChattel is another word for personal property. This could be property such as furniture, livestock, or a tool.
Most people finance their purchase of real estate through a mortgage. The two main parties involved in this financial agreement are a mortgagor and a mortgagee. A mortgagor is someone who borrows money to pay for their home. The mortgagor is often referred to as the borrower or client.
A security interest in a manufactured home that is or becomes a fixture (defined in UCC § 9-102 as goods that have become so related to particular real property that an interest in them arises under real property law) is perfected by one of three methods: making a fixture filing, noting the secured party's lien on
In a real estate agreement, the mortgagor is the borrower of a mortgage loan and the mortgagee is the lender. The mortgagor makes regular payments on the loan and agrees to a lien on the mortgaged property as collateral for the mortgagee.
At common law, chattel included all property that was not real estate and not attached to real estate. Examples included everything from leases, to cows, to clothes. In modern usage, chattel often merely refers to tangible movable personal property.
A chattel mortgage is a loan used to purchase an item of movable personal property, such as a manufactured home or a piece of construction equipment. The property, or chattel, secures the loan, and the lender holds an ownership interest in it.
Mortgage is different from a security agreement. A mortgage is used to secure the lender's rights by placing a lien against the title of the property. Once all loan repayments have been made, the lien is removed. However, the buyer doesn't own the property till all loan payments have been made.
The transferor is called a mortgagor, the transferee a mortgagee; the principal money and interest of which payment is secured for the time being are called the mortgage-money, and the instrument (if any) by which the transfer is effected is called a mortgage-deed.
