Louisiana Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness

State:
Multi-State
Control #:
US-00769BG
Format:
Word; 
Rich Text
Instant download

Description

This form deals with a situation where a Lender and Debtor have previously entered into a Promissory Note and Security Agreement and the Debtor has defaulted under the Note and Security Agreement for failure to make timely payments. Pursuant to this Agreement, Lender has agreed to forbear for a limited time from immediately enforcing its rights against the Collateral to permit the Debtor a short period of time to repay the debt and liquidate the Collateral.
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  • Preview Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness
  • Preview Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness
  • Preview Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness
  • Preview Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness
  • Preview Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness
  • Preview Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness
  • Preview Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness
  • Preview Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness

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FAQ

A possessory lien occurs when the lender retains physical possession of the underlying collateral during the term of the loan or agreement. The lender has the legal right to retain the collateral until the obligation is retired or other conditions are satisfied.

A security interest is taken by a person who, by making advances or incurring an obligation, gives something of value that enables the debtor to acquire the rights in the collateral or to use it.

A collateralized debt obligation is a complex structured finance product that is backed by a pool of loans and other assets. These underlying assets serve as collateral if the loan goes into default. The tranches of CDOs indicate the level of risk in the underlying loans, with senior tranches having the lowest risk.

The more typical situation is that the creditor repossesses the collateral and then either auctions it off (sale) or keeps it in satisfaction of the debt (strict foreclosure). In the former situation, the creditor may then proceed against the debtor for the deficiency.

Generally, a buyer of collateral subject to a security interest takes the property subject to that security interest. 9-315(a)(1) thru 320. That is, if a debtor sells collateral that is subject to a security interest, the security interest continues in the collateral following the sale to the buyer.

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Louisiana Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness