The Oklahoma General Security Agreement is a legal document that grants a secured party a secured interest in certain property or assets as collateral for a loan or obligation. This agreement provides protection to the secured party by ensuring repayment in the event of default or non-payment. Keywords: Oklahoma General Security Agreement, secured party, secured interest, collateral, loan, obligation, default, non-payment. There are different types of Oklahoma General Security Agreements granting secured parties secured interest based on the nature of the collateral being pledged. Some common types include: 1. Real Estate Security Agreement: This type of agreement applies when the collateral being offered is real property such as land, buildings, or other immovable assets. The secured party will have a secured interest in the specified property, which can be foreclosed upon in case of default. 2. Personal Property Security Agreement: When the collateral offered is movable assets such as vehicles, machinery, equipment, inventory, or accounts receivable, a personal property security agreement is used. The secured party holds a secured interest in the specified personal property, allowing them to take possession or sell it off in case of default. 3. Intellectual Property Security Agreement: In cases where intellectual property assets like patents, trademarks, copyrights, or trade secrets are being offered as collateral, an intellectual property security agreement is executed. This agreement grants the secured party a secured interest in the specified intellectual property, allowing them to enforce their rights in case of default. 4. Accounts Receivable Security Agreement: If the collateral being pledged consists of accounts receivable, a specific account receivable security agreement is utilized. This agreement provides the secured party with a secured interest in the specified accounts receivable, enabling them to collect on those accounts in case of default. It is important to note that each type of security agreement may have specific requirements and provisions, depending on the nature of the collateral. The terms and conditions of the agreement, including the rights and responsibilities of both the secured party and the debtor, will be outlined in the document to ensure clarity and legal protection.
Oklahoma General Security Agreement granting secured party secured interest
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How to fill out Oklahoma General Security Agreement Granting Secured Party Secured Interest?
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FAQ
A security interest generally is created with a security agreement, which is a contract governed by Uniform Commercial Code (UCC) Article 9, as well as other state laws governing contracts.
Security interests for most types of collateral are usually perfected by filing a document simply called a "financing statement." You'll usually file this form with the secretary of state or other public office.
A lender can perfect a lien on a borrower's deposit account only by obtaining "control" over the account, which requires one of the following arrangements: (1) the borrower maintains its deposit account directly with the lender; (2) the lender becomes the actual owner of the borrower's deposit accounts with the ...
Filing a Financing Statement to Perfect the Security Interest. Security interests for most types of collateral are usually perfected by filing a document simply called a "financing statement." You'll usually file this form with the secretary of state or other public office.
A lender can perfect a lien on a borrower's deposit account only by obtaining "control" over the account, which requires one of the following arrangements: (1) the borrower maintains its deposit account directly with the lender; (2) the lender becomes the actual owner of the borrower's deposit accounts with the ...
You give the lender this right when you sign your closing forms. The document granting the security interest can be called by different names, but the most common names are "Mortgage" or "Deed of Trust."
Secured party is a lender, seller, or other person in whose favor a security interest exists. Debtor is the person who owes payment or performance of the obligation that is secured. Security agreement is the agreement between the secured party and the debtor that creates or provides for a security interest.
If at any time any Grantor shall take a security interest in any property of an Account Debtor or any other Person to secure payment and performance of an Account in an amount in excess of $250,000, such Grantor shall promptly assign such security interest to the Collateral Agent for the benefit of the Secured Parties.