North Carolina Assignment of Seller's Interest in Security Agreement is a legal document that enables a seller to transfer their interests in a security agreement to another party. This agreement is typically used in situations where a seller wants to assign their rights, title, and interest in a security agreement to either a buyer or a third party for various reasons such as debt repayment, business restructuring, or asset transfer. In North Carolina, there are different types of Assignment of Seller's Interest in Security Agreement that may be considered, depending on the specific circumstances and intentions of the parties involved. Some of these variations include: 1. General Assignment of Seller's Interest in Security Agreement: This type of assignment involves the seller transferring their entire interest in the security agreement to another party. It includes all rights, title, and interest that the seller has in the agreement, providing the assignee with complete control and ownership. 2. Partial Assignment of Seller's Interest in Security Agreement: In this case, the seller transfers only a portion of their interest in the security agreement to another party. By doing so, the seller retains some rights and benefits while allowing the assignee to assume certain obligations and responsibilities associated with the agreement. 3. Assignment of Seller's Interest for Collateral Purposes: This specific type of assignment is commonly used in situations where the seller wishes to secure a debt or collateralize an asset. By assigning their interest in the security agreement, the seller allows the assignee to act as a secured party and possess rights over the specified collateral. 4. Assignment of Seller's Interest in Security Agreement with Recourse: This variation entails the seller assigning their interest in the security agreement to another party, but with a recourse clause. This means that if the buyer or assignee fails to fulfill their obligations under the agreement, the seller can still hold them liable for any resulting losses or damages. When drafting a North Carolina Assignment of Seller's Interest in Security Agreement, it is essential to include specific details such as the names and addresses of both the seller and assignee, a comprehensive description of the security agreement being assigned, the effective date of the assignment, and any additional terms or conditions agreed upon by the parties involved. It is crucial to consult with a qualified attorney to ensure that the assignment complies with all relevant laws and regulations in North Carolina. The attorney can help review the document, provide guidance on how to structure the assignment to suit the specific circumstances, and ensure that all necessary legal requirements are met.
North Carolina Assignment of Seller's Interest in Security Agreement
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Fixture Lapse Dates The lapse date of a record that perfects a security interest in fixtures should be easy for the secured party to determine. The lapse date, if any, is determined by the type of record involved. Under Section 9?515(a), a filed financing statement is effective for five years after the date of filing. Understanding UCC Security Interests in Fixtures - CSC Blog CSC Blog ? understanding-ucc-securit... CSC Blog ? understanding-ucc-securit...
Accounts Receivable Therefore, most lenders perfect a security interest in receivables by filing a financing statement. It is not necessary to file a financing statement, however, for a security interest in an account receivable that is not ?a significant part of the outstanding accounts? of the debtor.
To perfect a security interest in fixtures, a fixture financing statement must be recorded with the county recorder's office and include a description of the real property where the fixture will be located. The Basics of Fixture Filings - Gislason & Hunter Attorneys At ... gislason.com ? Insights gislason.com ? Insights
If at any time any Grantor shall take a security interest in any property of an Account Debtor or any other Person to secure payment and performance of an Account in an amount in excess of $250,000, such Grantor shall promptly assign such security interest to the Collateral Agent for the benefit of the Secured Parties.
Article 9 provides special rules for perfecting security interests in fixtures. In general, a security interest in goods is perfected by filing a financing agreement with the Secretary of State for the state where the collateral is located. The Definition of Fixture in Article 9 of the U.C.C. case.edu ? cgi ? viewcontent case.edu ? cgi ? viewcontent
At a minimum, a valid security agreement consists of a description of the collateral, a statement of the intention of providing security interest, and signatures from all parties involved. Most security agreements, however, go beyond these basic requirements.
Uniform Commercial Code § 25-9-334. Priority of security interests in fixtures and crops.