Louisiana 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 Louisiana General Security Agreement granting secured party secured interest is a legal document that establishes a creditor's (secured party) right to use specified collateral as security for the repayment of a debt owed by a debtor. This agreement is typically used in financial transactions where a borrower needs to provide collateral to secure the loan. The Louisiana General Security Agreement includes detailed provisions outlining the rights and obligations of both the secured party and the debtor. It specifies the collateral involved, which can include assets such as real estate, inventory, accounts receivable, equipment, or any other valuable assets that the debtor owns. By granting secured interest, the debtor gives the secured party the legal right to possess and sell the collateral in the event of default or non-payment. This agreement enhances the creditor's position by allowing them to claim priority over other unsecured creditors in case of bankruptcy or insolvency proceedings. The secured party's interest is secured against the collateral, which means they have a higher chance of recovering their investment in case of default. This agreement acts as a legally binding contract between the parties involved, ensuring the rights and obligations of each party are protected. Different types of General Security Agreement granting secured party secured interest in Louisiana include: 1. Real Estate Security Agreement: This type of agreement grants secured interest in real estate property, enabling the secured party to possess and sell the property in the event of default. 2. Chattel Mortgage: This agreement specifically covers movable property, such as inventory, equipment, or vehicles, and provides the secured party with a secured interest in these assets. 3. Accounts Receivable Financing Agreement: This agreement grants the secured party secured interest in the debtor's accounts receivable, allowing them to collect payments directly from the debtor's customers in the event of default. 4. Floating Lien: This type of agreement covers multiple types of collateral, allowing the secured party to claim a security interest in currently owned assets and future assets acquired by the debtor. 5. Pledge Agreement: This agreement involves the debtor pledging specific assets as collateral to secure a debt, granting the secured party secured interest in those assets. In conclusion, a Louisiana General Security Agreement granting secured party secured interest is a crucial legal document in financial transactions, ensuring that creditors have the right to claim specified collateral in case of default. From real estate to movable assets and accounts receivable, various types of collateral can be included in this agreement, providing enhanced security for the creditor and legal protection for both parties involved.

A Louisiana General Security Agreement granting secured party secured interest is a legal document that establishes a creditor's (secured party) right to use specified collateral as security for the repayment of a debt owed by a debtor. This agreement is typically used in financial transactions where a borrower needs to provide collateral to secure the loan. The Louisiana General Security Agreement includes detailed provisions outlining the rights and obligations of both the secured party and the debtor. It specifies the collateral involved, which can include assets such as real estate, inventory, accounts receivable, equipment, or any other valuable assets that the debtor owns. By granting secured interest, the debtor gives the secured party the legal right to possess and sell the collateral in the event of default or non-payment. This agreement enhances the creditor's position by allowing them to claim priority over other unsecured creditors in case of bankruptcy or insolvency proceedings. The secured party's interest is secured against the collateral, which means they have a higher chance of recovering their investment in case of default. This agreement acts as a legally binding contract between the parties involved, ensuring the rights and obligations of each party are protected. Different types of General Security Agreement granting secured party secured interest in Louisiana include: 1. Real Estate Security Agreement: This type of agreement grants secured interest in real estate property, enabling the secured party to possess and sell the property in the event of default. 2. Chattel Mortgage: This agreement specifically covers movable property, such as inventory, equipment, or vehicles, and provides the secured party with a secured interest in these assets. 3. Accounts Receivable Financing Agreement: This agreement grants the secured party secured interest in the debtor's accounts receivable, allowing them to collect payments directly from the debtor's customers in the event of default. 4. Floating Lien: This type of agreement covers multiple types of collateral, allowing the secured party to claim a security interest in currently owned assets and future assets acquired by the debtor. 5. Pledge Agreement: This agreement involves the debtor pledging specific assets as collateral to secure a debt, granting the secured party secured interest in those assets. In conclusion, a Louisiana General Security Agreement granting secured party secured interest is a crucial legal document in financial transactions, ensuring that creditors have the right to claim specified collateral in case of default. From real estate to movable assets and accounts receivable, various types of collateral can be included in this agreement, providing enhanced security for the creditor and legal protection for both parties involved.