Maryland 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 Maryland General Security Agreement, also known as a UCC-1 Financing Statement, is a legal document that grants a secured party a secured interest in a debtor's personal property as collateral for a loan or other obligations. The purpose of this agreement is to provide protection for the secured party's investment in case the debtor defaults on the loan or fails to fulfill their obligations. Under Maryland law, there are several types of General Security Agreements that can be utilized to grant a secured party secured interest. These types include: 1. Specific Collateral Security Agreement: This type of agreement is used when the secured party wants to secure a specific item or group of items as collateral. For example, if a business owner wants to secure a loan with their inventory, they would use a Specific Collateral Security Agreement to specifically identify and secure the inventory. 2. Floating Lien Security Agreement: Unlike the Specific Collateral Security Agreement, the Floating Lien Security Agreement grants a secured interest in a broader range of personal property. It allows the secured party to secure all present and future assets of the debtor, providing flexibility for the debtor to utilize their assets while still providing security for the secured party. 3. After-Acquired Property Security Agreement: This type of agreement grants a secured interest in any property that the debtor acquires after the agreement is executed. It ensures that any new assets obtained by the debtor are automatically included in the collateral for the loan or obligations. In order to create a valid Maryland General Security Agreement, the debtors and secured parties must execute a written agreement that clearly identifies the parties involved, describes the collateral being secured, and includes appropriate language granting the secured interest. Additionally, the agreement must be filed with the Maryland Secretary of State's office to provide public notice of the secured party's interest. This filing is typically done by submitting a UCC-1 Financing Statement. In summary, a Maryland General Security Agreement is a legal document that grants a secured party a secured interest in a debtor's personal property as collateral for a loan or obligations. It provides protection for the secured party and ensures that their investment is secure. The different types of agreements include the Specific Collateral Security Agreement, Floating Lien Security Agreement, and After-Acquired Property Security Agreement. Proper execution and filing of the agreement are necessary to establish a valid and enforceable secured interest.

A Maryland General Security Agreement, also known as a UCC-1 Financing Statement, is a legal document that grants a secured party a secured interest in a debtor's personal property as collateral for a loan or other obligations. The purpose of this agreement is to provide protection for the secured party's investment in case the debtor defaults on the loan or fails to fulfill their obligations. Under Maryland law, there are several types of General Security Agreements that can be utilized to grant a secured party secured interest. These types include: 1. Specific Collateral Security Agreement: This type of agreement is used when the secured party wants to secure a specific item or group of items as collateral. For example, if a business owner wants to secure a loan with their inventory, they would use a Specific Collateral Security Agreement to specifically identify and secure the inventory. 2. Floating Lien Security Agreement: Unlike the Specific Collateral Security Agreement, the Floating Lien Security Agreement grants a secured interest in a broader range of personal property. It allows the secured party to secure all present and future assets of the debtor, providing flexibility for the debtor to utilize their assets while still providing security for the secured party. 3. After-Acquired Property Security Agreement: This type of agreement grants a secured interest in any property that the debtor acquires after the agreement is executed. It ensures that any new assets obtained by the debtor are automatically included in the collateral for the loan or obligations. In order to create a valid Maryland General Security Agreement, the debtors and secured parties must execute a written agreement that clearly identifies the parties involved, describes the collateral being secured, and includes appropriate language granting the secured interest. Additionally, the agreement must be filed with the Maryland Secretary of State's office to provide public notice of the secured party's interest. This filing is typically done by submitting a UCC-1 Financing Statement. In summary, a Maryland General Security Agreement is a legal document that grants a secured party a secured interest in a debtor's personal property as collateral for a loan or obligations. It provides protection for the secured party and ensures that their investment is secure. The different types of agreements include the Specific Collateral Security Agreement, Floating Lien Security Agreement, and After-Acquired Property Security Agreement. Proper execution and filing of the agreement are necessary to establish a valid and enforceable secured interest.