How would you describe a collateral in a security agreement?

Collateral descriptions often include an after-acquired property clause to include within the scope of the collateral certain property that was not in the debtor's possession when the security agreement was executed but which may come into the debtor's possession afterward.

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Security Agreement with Farm Products as Collateral

New Mexico Security Agreement with Farm Products as Collateral

Name: New Mexico Security Agreement with Farm Products as Collateral
Brand: US Legal Forms
Rating: 4.68 (248 reviews)

Category:

Loans and Lending - Secured Transactions

State:

Multi-State

Control #:

US-00976BG

Format:

Instant download

Description

In a security agreement, the debtor grants a "security interest" in the personal property in order to secure payment of the loan. Granting a security interest in personal property is the same thing as granting a lien in personal property. This form is a sample of a security agreement in farm products that may be referred to when preparing such a form for your particular state.

New Mexico Security Agreement with Farm Products as Collateral serves as a legal contract that ensures the repayment of a loan or a debt by using farm products as collateral. This agreement is typically entered into between a farmer (borrower) and a lender (usually a financial institution or creditor). By pledging their farm products as security, the farmer provides assurance to the lender that they will repay the loan or debt within the agreed-upon terms and conditions. Keywords: New Mexico, Security Agreement, Farm Products, Collateral, Loan, Debt, Farmer, Lender, Financial Institution, Creditor, Repayment, Terms and Conditions. There are two primary types of New Mexico Security Agreements with Farm Products as Collateral: 1. Crop-specific Security Agreement: This type of agreement involves using a particular crop or multiple crops as collateral. The farmer pledges the identified crops as security to obtain the loan or credit facility. In case of default, the lender may seize and sell the farm products to recover the outstanding debt. 2. Livestock Security Agreement: In this type of agreement, the farmer uses livestock such as cattle, pigs, sheep, or other animals as collateral to secure a loan or fulfill a debt. The livestock serves as an asset that can be repossessed by the lender in the event of non-payment, enabling them to recoup the outstanding debt by selling the animals. In both cases, the New Mexico Security Agreement with Farm Products as Collateral plays a crucial role in protecting the lender's interests while providing the farmer with the necessary funds to maintain or expand their farming operations. The agreement outlines the terms, conditions, and obligations of both parties, including the specific farm products or animals covered, the amount of the loan or debt, interest rates, repayment schedule, and procedures for default and repossession. Farmers applying for loans or credit facilities in New Mexico often use these types of security agreements to demonstrate their commitment and ability to repay borrowed funds. By offering farm products as collateral, they showcase their confidence in the business's viability and their dedication to fulfilling their financial obligations. In summary, the New Mexico Security Agreement with Farm Products as Collateral serves as a legally binding contract ensuring repayment by utilizing farm products or livestock as collateral. It provides a framework for both the farmer and the lender to protect their interests and meet their financial objectives.

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How to fill out New Mexico Security Agreement With Farm Products As Collateral?

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Collateral is an item of value used to secure a loan. Collateral minimizes the risk for lenders. If a borrower defaults on the loan, the lender can seize the collateral and sell it to recoup its losses. Mortgages and car loans are two types of collateralized loans.

Summary: Thus, when the collateral is not in the possession of the secured party, a security agreement must be in writing to be enforceable. The agreement must be signed by the debtor, contain a description of the property, and the description must reasonably identify the property involved (the collateral).

UCC §9-504 states that a financing statement "sufficiently indicates" the collateral if it either describes the collateral in a manner that satisfies UCC A§9-108 (in other words, a description that "reasonably identifies" the collateral for purposes of a security agreement will suffice for a financing statement) or

Certain types of collateral must be perfected through possession: Money. The only way that a secured party may perfect its security interest in money is by possession.

Certain specific requirements are required for the security agreement to form the foundation for a valid security interest, namely 1) it must be signed, 2) it must clearly state that a security interest is intended, and 3) it must contain a sufficient description of the collateral subject to the security interest.

Collateral descriptions often include an after-acquired property clause to include within the scope of the collateral certain property that was not in the debtor's possession when the security agreement was executed but which may come into the debtor's possession afterward.

While financing statements and security agreements are both subject to the collateral description requirements set forth in UCC Section 9-108 (other than to the extent financing statements may use supergeneric descrip- tions pursuant to UCC Section 9-504), it is clear that courts may apply different analyses in

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.

However, generally speaking, the primary ways for a secured party to perfect a security interest are:by filing a financing statement with the appropriate public office.by possessing the collateral.by "controlling" the collateral; or.it's done automatically upon attachment of the security interest.

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THIS AGRICULTURAL SECURITY AGREEMENT dated October 17, 2011,The Collateral includes any and all farm products, including aquatic goods produced in ... Land and land-related goods (agricultural fruits and products, fixtures and cattle).tions,13 a Mexican Law on Commercial Security Interest,14 a Mexi-.(3) If this is a purchase money security interest in farm equipment: givethis security agreement is to be filed as a financing statement in New Mexico, ...3 pages (3) If this is a purchase money security interest in farm equipment: givethis security agreement is to be filed as a financing statement in New Mexico, ... Would be required to pay its government 10% on the interest of the loan.Coverage of security interests in livestock and farm products varies from state ...95 pages would be required to pay its government 10% on the interest of the loan.Coverage of security interests in livestock and farm products varies from state ... By CH White · 1964 · Cited by 13 ? the purchase money for a new item of consumer goods or equipment orof the debtor as collateral for the security interest until he has loaned. (b) The office in which to file a financing statement to perfect a security interest in collateral, including fixtures, of a transmitting utility is the office ... New Mexico has little well-developed law on many subjects mentioned in this guide.other security interest in real or personal property;.35 pages New Mexico has little well-developed law on many subjects mentioned in this guide.other security interest in real or personal property;. Creates the Wildlife Trafficking Act and authorizes all commissioned New Mexico law enforcement officers, including those from DGF and the State Parks Division ... Of collateral in certain sections. One such vestige relates to "farm products." Mr. Mays: Does the Code cover all contractual security interests in. In addition, a new public entity, Mexican Food Security, has been created.An agricultural product can be a collateral security.

New Mexico Security Agreement with Farm Products as Collateral

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How to fill out New Mexico Security Agreement With Farm Products As Collateral?

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FAQ

How do you describe collateral?

Should a written security agreement contain a summary of the collateral?

What is the standard for the description of collateral on a security agreement?

What type of collateral must be perfected through possession?

What must be included in a security agreement?

How would you describe a collateral in a security agreement?

Can the description of the collateral in the security agreement and the financing statement be the same?

What should be included in security agreement?

How do you perfect a security interest in goods?

Interesting Questions

What is the purpose of Section 55-9-310 of the New Mexico Statutes?

Where can I find the New Mexico Statutes for the year 2018?

Which section of the New Mexico Statutes discusses the secured party's rights on disposition of collateral and in proceeds?

Are there any exceptions to the filing requirements for security interests and agricultural liens?

Where can I find information on voting and elections in the State of New Mexico?

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