New York 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. Title: Understanding the New York General Security Agreement Granting Secured Party Secured Interest Keywords: New York General Security Agreement, secured party, secured interest, legal document, collateral, debtor, lender, borrower, UCC Article 9, perfection, types Description: Introduction: The New York General Security Agreement granting secured party secured interest is a vital legal document that outlines the terms and conditions under which a secured party holds a secured interest in certain assets of a debtor as collateral. This agreement provides a framework for lenders and borrowers to establish security for loans while ensuring compliance with the Uniform Commercial Code (UCC) Article 9 in the state of New York. Understanding the Agreement: The New York General Security Agreement is a comprehensive contract that details the rights and obligations of both the secured party (lender) and the debtor (borrower). It specifies the collateral offered by the debtor and the terms of the secured interest granted to the secured party. Key Elements: The agreement defines essential elements, such as the description of collateral being pledged, including but not limited to real estate, personal property, accounts receivable, inventory, equipment, intellectual property rights, and investments. It also outlines the obligations of the debtor, including timely payments, compliance with laws, and maintenance of the collateral's value. Perfection of the Security Interest: Under New York law, the Agreement requires "perfection" to establish the secured party's priority over other creditors. Perfection can be achieved through filing a financing statement with the New York Secretary of State's office or, in some cases, by taking physical possession of the collateral. Types of New York General Security Agreement: There are several types of agreements falling under the New York General Security Agreement umbrella: 1. Real Estate Security Agreement: Pertains to securing an interest in real property, including land, buildings, and fixtures, to back the loan or credit facility. 2. Personal Property Security Agreement: Covers movable assets like inventory, accounts receivable, vehicles, and equipment. 3. Intellectual Property Security Agreement: Secures intellectual property rights such as copyrights, trademarks, patents, and trade secrets. 4. Investment Security Agreement: Applies to securing an interest in securities, bonds, stocks, or other investment instruments. 5. Commodity Security Agreement: Pertains to securing an interest in commodities, such as oil, gold, agricultural products, etc. Conclusion: The New York General Security Agreement granting secured party secured interest serves as an essential tool for lenders and borrowers. It offers protection for lenders against the risk of default by allowing them to claim ownership of the specified collateral in case of non-payment. For borrowers, it provides an opportunity to obtain financing by offering assets as collateral. Understanding the specifics of the agreement, along with its various types, can greatly assist businesses and individuals navigating the complexities of securing loans in New York.

Title: Understanding the New York General Security Agreement Granting Secured Party Secured Interest Keywords: New York General Security Agreement, secured party, secured interest, legal document, collateral, debtor, lender, borrower, UCC Article 9, perfection, types Description: Introduction: The New York General Security Agreement granting secured party secured interest is a vital legal document that outlines the terms and conditions under which a secured party holds a secured interest in certain assets of a debtor as collateral. This agreement provides a framework for lenders and borrowers to establish security for loans while ensuring compliance with the Uniform Commercial Code (UCC) Article 9 in the state of New York. Understanding the Agreement: The New York General Security Agreement is a comprehensive contract that details the rights and obligations of both the secured party (lender) and the debtor (borrower). It specifies the collateral offered by the debtor and the terms of the secured interest granted to the secured party. Key Elements: The agreement defines essential elements, such as the description of collateral being pledged, including but not limited to real estate, personal property, accounts receivable, inventory, equipment, intellectual property rights, and investments. It also outlines the obligations of the debtor, including timely payments, compliance with laws, and maintenance of the collateral's value. Perfection of the Security Interest: Under New York law, the Agreement requires "perfection" to establish the secured party's priority over other creditors. Perfection can be achieved through filing a financing statement with the New York Secretary of State's office or, in some cases, by taking physical possession of the collateral. Types of New York General Security Agreement: There are several types of agreements falling under the New York General Security Agreement umbrella: 1. Real Estate Security Agreement: Pertains to securing an interest in real property, including land, buildings, and fixtures, to back the loan or credit facility. 2. Personal Property Security Agreement: Covers movable assets like inventory, accounts receivable, vehicles, and equipment. 3. Intellectual Property Security Agreement: Secures intellectual property rights such as copyrights, trademarks, patents, and trade secrets. 4. Investment Security Agreement: Applies to securing an interest in securities, bonds, stocks, or other investment instruments. 5. Commodity Security Agreement: Pertains to securing an interest in commodities, such as oil, gold, agricultural products, etc. Conclusion: The New York General Security Agreement granting secured party secured interest serves as an essential tool for lenders and borrowers. It offers protection for lenders against the risk of default by allowing them to claim ownership of the specified collateral in case of non-payment. For borrowers, it provides an opportunity to obtain financing by offering assets as collateral. Understanding the specifics of the agreement, along with its various types, can greatly assist businesses and individuals navigating the complexities of securing loans in New York.