A secured transaction is created when a buyer or borrower (debtor) grants a seller or lender (creditor or secured party) a security interest in personal property (collateral). A security interest allows a creditor to repossess and sell the collateral if a debtor fails to pay a secured debt.
A secured transaction involves a sale on credit or lending money where a creditor is unwilling to accept the promise of a debtor to pay an obligation without some sort of collateral. The creditor (the secured party) requires the debtor to secure the obligation with collateral so that if the debtor does not pay as promised, the creditor can take the collateral, sell it, and apply the proceeds against the unpaid obligation of the debtor. A security interest is an interest in personal property or fixtures that secures payment or performance of an obligation. Personal property is basically anything that is not real property.
Puerto Rico Notice of Default under Security Agreement in Purchase of Mobile Home
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How to fill out Notice Of Default Under Security Agreement In Purchase Of Mobile Home?
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FAQ
A security interest in a manufactured home that is or becomes a fixture (defined in UCC § 9-102 as goods that have become so related to particular real property that an interest in them arises under real property law) is perfected by one of three methods: making a fixture filing, noting the secured party's lien on
The term purchase money security interest (PMSI) refers to a legal claim that allows a lender to either repossess property financed with its loan or to demand repayment in cash if the borrower defaults. It gives the lender priority over claims made by other creditors.
Under a security deed, the lender is automatically able to foreclose or sell the property when the borrower defaults. Foreclosing on a mortgage, on the other hand, involves additional paperwork and legal requirements, thus extending the process.
Article 9 is an article under the Uniform Commercial Code (UCC) that governs secured transactions, or those transactions that pair a debt with the creditor's interest in the secured property.
The Uniform Commercial Code (UCC) is a set of laws that govern all commercial transactions in the United States. It is designed to increase uniformity in transactions across state and jurisdictional borders. Although all states have adopted at least a portion of the code, it is not federal legislation.
Article 9 of the Uniform Commercial Code (UCC), as adopted by all fifty states, generally governs secured transactions where security interests are taken in personal property. It regulates creation and enforcement of security interests in movable property, intangible property, and fixtures.
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.
Security agreements and financing statements are often confused with one another. The primary difference is that the financing statement largely serves as notice that a creditor possesses security interest in the debtor's assets or property. The financing statement is not a contract.
A security agreement is a document that provides a lender a security interest in a specified asset or property that is pledged as collateral. Security agreements often contain covenants that outline provisions for the advancement of funds, a repayment schedule, or insurance requirements.
Article 9 is a section under the UCC governing secured transactions including the creation and enforcement of debts. Article 9 spells out the procedure for settling debts, including various types of collateralized loans and bonds.
