North Carolina 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 North Carolina General Security Agreement granting secured party secured interest is a legal document that establishes a security interest in personal property to secure the payment or performance of a debt or obligation. This agreement is commonly used in commercial transactions where a party wants assurance that they will be repaid or their interest protected if the debtor defaults. The General Security Agreement grants the secured party certain rights and remedies in case of default, one of which being the ability to seize and sell the secured property to recover the debt owed. This agreement creates a legal relationship between the debtor (granter) and the secured party (grantee), providing a framework for securing the debt and offering protection and priority to the secured party's interest. Relevant keywords related to the North Carolina General Security Agreement granting secured party secured interest include: 1. North Carolina General Security Agreement: Referring specifically to the state jurisdiction where this agreement is executed. 2. Secured party: The individual or entity that receives a security interest in the debtor's property to ensure the repayment of a debt or performance of an obligation. 3. Secured interest: The right or interest granted to the secured party in the debtor's personal property as collateral for the debt. 4. Personal property: Refers to any movable property that is not classified as real estate (land and buildings) and includes assets such as vehicles, equipment, inventory, accounts receivable, etc. 5. Debtor: The person or entity who owes the debt or has an obligation to the secured party. 6. Obligation: The debt or performance that the debtor must fulfill and secure with their personal property. 7. Default: The failure to meet the terms of the agreement or make timely payments, triggering the rights and remedies available to the secured party. There aren't specific types of North Carolina General Security Agreements granting secured party secured interest, as the agreement itself is a standard legal document used in various transactions. However, the terms and conditions within the agreement can be customized and adapted to suit the specific needs and requirements of the parties involved.

A North Carolina General Security Agreement granting secured party secured interest is a legal document that establishes a security interest in personal property to secure the payment or performance of a debt or obligation. This agreement is commonly used in commercial transactions where a party wants assurance that they will be repaid or their interest protected if the debtor defaults. The General Security Agreement grants the secured party certain rights and remedies in case of default, one of which being the ability to seize and sell the secured property to recover the debt owed. This agreement creates a legal relationship between the debtor (granter) and the secured party (grantee), providing a framework for securing the debt and offering protection and priority to the secured party's interest. Relevant keywords related to the North Carolina General Security Agreement granting secured party secured interest include: 1. North Carolina General Security Agreement: Referring specifically to the state jurisdiction where this agreement is executed. 2. Secured party: The individual or entity that receives a security interest in the debtor's property to ensure the repayment of a debt or performance of an obligation. 3. Secured interest: The right or interest granted to the secured party in the debtor's personal property as collateral for the debt. 4. Personal property: Refers to any movable property that is not classified as real estate (land and buildings) and includes assets such as vehicles, equipment, inventory, accounts receivable, etc. 5. Debtor: The person or entity who owes the debt or has an obligation to the secured party. 6. Obligation: The debt or performance that the debtor must fulfill and secure with their personal property. 7. Default: The failure to meet the terms of the agreement or make timely payments, triggering the rights and remedies available to the secured party. There aren't specific types of North Carolina General Security Agreements granting secured party secured interest, as the agreement itself is a standard legal document used in various transactions. However, the terms and conditions within the agreement can be customized and adapted to suit the specific needs and requirements of the parties involved.