Nevada 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. Keywords: Nevada, General Security Agreement, granting secured party, secured interest, types Detailed description: A Nevada General Security Agreement is a vital legal document used in commercial transactions to establish the rights and interests of the secured party in securing a debt or obligation. This agreement plays a crucial role in providing financial security to lenders or creditors in Nevada. The primary purpose of a General Security Agreement is to grant the secured party a secured interest in a specific asset, or a range of assets, owned by the debtor. This ensures that in the event of default or nonpayment by the debtor, the secured party has a clear legal claim to the specified collateral, enabling them to recover the outstanding debt. Nevada recognizes different types of General Security Agreements, each serving distinct purposes and covering varied assets. Some common types include: 1. Real Estate Security Agreement: This type of agreement applies to real property, such as land, buildings, or any improvements on the property, serving as collateral for the debt or obligation. 2. Personal Property Security Agreement: This agreement is used to secure interests in movable property, such as inventory, equipment, vehicles, accounts receivable, or intellectual property owned by the debtor. It grants the secured party the right to take possession or sell the collateral if the debtor defaults. 3. Inventory Security Agreement: Specifically tailored for businesses involved in the sale, purchase, or storage of goods, this type of agreement secures the interest of the secured party in the debtor's inventory. 4. Accounts Receivable Security Agreement: This agreement focuses on securing the interests relating to accounts receivable, including the rights to collect outstanding invoices or payments owed to the debtor. 5. Intellectual Property Security Agreement: Used to secure interests in intellectual property assets like patents, trademarks, copyrights, trade secrets, and licenses, this type of agreement ensures the secured party has legal rights over these valuable intangible assets. 6. Equipment Security Agreement: Tailored for businesses that rely on equipment for their operations, this agreement secures the interests of the secured party in the debtor's machinery, tools, or other equipment used to generate revenue. It is important for both parties involved in a Nevada General Security Agreement to clearly outline the terms and conditions related to the collateral, obligations, repayment, interest rates, and any additional provisions that may be necessary to protect the rights and interests of both parties. Ultimately, a Nevada General Security Agreement granting secured party secured interest acts as a legal guarantee for lenders or creditors, ensuring that they have a structured approach to recovering unpaid debts or obligations by having a claim on specific collateral.

Keywords: Nevada, General Security Agreement, granting secured party, secured interest, types Detailed description: A Nevada General Security Agreement is a vital legal document used in commercial transactions to establish the rights and interests of the secured party in securing a debt or obligation. This agreement plays a crucial role in providing financial security to lenders or creditors in Nevada. The primary purpose of a General Security Agreement is to grant the secured party a secured interest in a specific asset, or a range of assets, owned by the debtor. This ensures that in the event of default or nonpayment by the debtor, the secured party has a clear legal claim to the specified collateral, enabling them to recover the outstanding debt. Nevada recognizes different types of General Security Agreements, each serving distinct purposes and covering varied assets. Some common types include: 1. Real Estate Security Agreement: This type of agreement applies to real property, such as land, buildings, or any improvements on the property, serving as collateral for the debt or obligation. 2. Personal Property Security Agreement: This agreement is used to secure interests in movable property, such as inventory, equipment, vehicles, accounts receivable, or intellectual property owned by the debtor. It grants the secured party the right to take possession or sell the collateral if the debtor defaults. 3. Inventory Security Agreement: Specifically tailored for businesses involved in the sale, purchase, or storage of goods, this type of agreement secures the interest of the secured party in the debtor's inventory. 4. Accounts Receivable Security Agreement: This agreement focuses on securing the interests relating to accounts receivable, including the rights to collect outstanding invoices or payments owed to the debtor. 5. Intellectual Property Security Agreement: Used to secure interests in intellectual property assets like patents, trademarks, copyrights, trade secrets, and licenses, this type of agreement ensures the secured party has legal rights over these valuable intangible assets. 6. Equipment Security Agreement: Tailored for businesses that rely on equipment for their operations, this agreement secures the interests of the secured party in the debtor's machinery, tools, or other equipment used to generate revenue. It is important for both parties involved in a Nevada General Security Agreement to clearly outline the terms and conditions related to the collateral, obligations, repayment, interest rates, and any additional provisions that may be necessary to protect the rights and interests of both parties. Ultimately, a Nevada General Security Agreement granting secured party secured interest acts as a legal guarantee for lenders or creditors, ensuring that they have a structured approach to recovering unpaid debts or obligations by having a claim on specific collateral.