This form is a Security Agreement. This security agreement is entered into as security for a loan given to the borrower(s). The agreement also contains provisions concerning: warranties, collection of collateral, and events of default.
Virginia Security Agreement - Long Form
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Multi-State
Control #:
US-00627
Format:
Word;
Rich Text
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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.
In order for a security interest to be enforceable against the debtor and third parties, UCC Article 9 sets forth three requirements: Value must be provided in exchange for the collateral; the debtor must have rights in the collateral or the ability to convey rights in the collateral to a secured party; and either the ...
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.
There are four primary ways in which an attached security interest may be perfected ? filing, possession, control and automatic perfection. The most common method of perfecting a security interest is filing a financing statement.
A General Security Agreement (GSA) grants a security interest over personal property or assets, the collateral pledged for many types of financing. The contract is executed by a debtor (borrower) in favor of a creditor (lender). A GSA can support various lender obligations, including personal and commercial loans.
A security agreement creates the security interest, making it enforceable between the secured party and the debtor. A UCC-1 financing statement neither creates a security interest nor does it alter its scope; it only gives notice of the security interest to third parties.
Thus, when the collateral is not in the possession of the secured party, a security agreement must be in writing to be enforceable. The agreement must be signed by the debtor, contain a description of the property, and the description must reasonably identify the property involved (the collateral).
At a minimum, a valid security agreement consists of a description of the collateral, a statement of the intention of providing security interest, and signatures from all parties involved. Most security agreements, however, go beyond these basic requirements.