Description: A Louisiana Security Agreement is a legally binding document that establishes a security interest on specific collateral in favor of the lender, Franklin Covey Company, provided by the borrower, Jon H. Row berry. The agreement outlines the terms and conditions under which the security interest is granted, ensuring that Franklin Covey Company has a priority claim on the specified collateral in the event of default or non-payment. Keywords: 1. Louisiana Security Agreement: This term refers to the agreement entered into between Jon H. Row berry and Franklin Covey Company, which is governed by the laws of Louisiana. 2. Collateral: The collateral refers to the property or assets that are offered as security for the loan. It may include tangible assets such as real estate, inventory, equipment, or intangible assets like accounts receivable or intellectual property. 3. Security Interest: The security interest is the right granted to Franklin Covey Company to take possession of or sell the collateral in case of default. It ensures that the lender has a legal claim over the specified assets. 4. Lender: Franklin Covey Company assumes the role of the lender in this Louisiana Security Agreement. They are the party providing the loan or credit to Jon H. Row berry. 5. Borrower: Jon H. Row berry is the borrower or debtor who pledges the collateral to secure the loan received from Franklin Covey Company. They are obligated to repay the loan amount within the agreed-upon terms. Types of Louisiana Security Agreement: 1. Real Estate Security Agreement: This type of security agreement is created when the collateral offered is real estate, such as land or a building. It establishes Franklin Covey Company's security interest in the identified property. 2. Personal Property Security Agreement: This type of security agreement is created when the collateral offered is personal property, including inventory, equipment, or accounts receivable. It outlines Franklin Covey Company's security interest in the specified personal property assets. 3. Floating Lien Security Agreement: This type of security agreement covers a fluctuating pool of assets, such as inventory or accounts receivable. It allows Franklin Covey Company to have a security interest in the existing and future assets of Jon H. Row berry, providing flexibility if the collateral changes over time. Overall, a Louisiana Security Agreement between Jon H. Row berry and Franklin Covey Company is an important legal document establishing a security interest in specific collateral. It ensures that the lender has a priority claim in case of default, and different types of security agreements exist based on the nature of collateral offered.
Louisiana Security Agreement between Jon H. Rowberry and Franklin Covey Company
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How to fill out Louisiana Security Agreement Between Jon H. Rowberry And Franklin Covey Company?
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