New Mexico 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 New Mexico General Security Agreement (GSA) is a legally binding document that grants a secured party a secured interest in property or assets to secure repayment of a debt or obligation. This agreement provides a level of protection to the party lending the funds or extending credit. In New Mexico, there are two types of General Security Agreements that can be used to grant a secured party secured interest: 1. Traditional Security Agreement: This is the most common type of GSA used in New Mexico. It allows a secured party (such as a financial institution or a private lender) to secure their interest in a specific property or asset. The secured party becomes a lien holder and has the right to take possession of the property or asset if the debtor defaults on the loan or fails to fulfill their obligation. Common keywords associated with this type of GSA include "secured party," "secured interest," "lien holder," "debt," and "default." 2. Floating Lien Agreement: Unlike the traditional Security Agreement, a Floating Lien Agreement allows a secured party to maintain a security interest in a debtor's present and future assets, instead of a specific property or asset. This type of GSA is widely used in situations where debtors have a rotating inventory or assets that change frequently, such as in the retail industry. It provides flexibility to the secured party while still offering protection. Keywords associated with this type of GSA include "floating lien," "rotating inventory," "future assets," "secured party," and "debtor." Regardless of the type of General Security Agreement used in New Mexico, it is essential that all parties involved fully understand the terms and conditions outlined in the agreement. This includes the obligations of the debtor, the rights of the secured party, and any specific requirements for enforcement in case of default. Seeking legal advice and conducting thorough due diligence is highly recommended ensuring compliance with New Mexico laws and to protect the interests of all parties involved.

A New Mexico General Security Agreement (GSA) is a legally binding document that grants a secured party a secured interest in property or assets to secure repayment of a debt or obligation. This agreement provides a level of protection to the party lending the funds or extending credit. In New Mexico, there are two types of General Security Agreements that can be used to grant a secured party secured interest: 1. Traditional Security Agreement: This is the most common type of GSA used in New Mexico. It allows a secured party (such as a financial institution or a private lender) to secure their interest in a specific property or asset. The secured party becomes a lien holder and has the right to take possession of the property or asset if the debtor defaults on the loan or fails to fulfill their obligation. Common keywords associated with this type of GSA include "secured party," "secured interest," "lien holder," "debt," and "default." 2. Floating Lien Agreement: Unlike the traditional Security Agreement, a Floating Lien Agreement allows a secured party to maintain a security interest in a debtor's present and future assets, instead of a specific property or asset. This type of GSA is widely used in situations where debtors have a rotating inventory or assets that change frequently, such as in the retail industry. It provides flexibility to the secured party while still offering protection. Keywords associated with this type of GSA include "floating lien," "rotating inventory," "future assets," "secured party," and "debtor." Regardless of the type of General Security Agreement used in New Mexico, it is essential that all parties involved fully understand the terms and conditions outlined in the agreement. This includes the obligations of the debtor, the rights of the secured party, and any specific requirements for enforcement in case of default. Seeking legal advice and conducting thorough due diligence is highly recommended ensuring compliance with New Mexico laws and to protect the interests of all parties involved.