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Washington Personal Property Security Agreement

Washington Personal Property Security Agreement

Name: Washington Personal Property Security Agreement
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.85 (371 reviews)

Category:

Washington Loans and Lending - Security Agreements

State:

Washington

Control #:

WA-01800

Format:

Instant download

Description

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 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.

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FAQ

Signature Required. A signature of the debtor, and the owner of the collateral if the owner is different party, must sign the security agreement in order for the security agreement to be effective. This is obviously important, and it is a strict rule.

In general: (1) the creditor must give value, (2) the debtor must have rights in the collateral, and (3) there must be a security agreement or other action indicating an intent to convey a security interest. Once the security interest has ?attached,? it is effective between the debtor and the creditor.

A statute of frauds within UCC Article 9 requires the security agreement be in writing. An exception to this requirement is when a security interest is pledged.

The security agreement must: be signed (or authenticated) by the debtor and the owner of the property, contain a description of the collateral and. make it clear that a security interest is intended.

A ?SECURITY AGREEMENT? is an agreement that. creates or provides for an interest in personal property. that secures payment or performance of an obligation.

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 are a necessary part of the business world, as lenders would never extend credit to certain companies without them. In the event that the borrower defaults, the pledged collateral can be seized by the lender and sold.

A security agreement may be oral if the secured party (the lender) has actual physical possession of the collateral.

More info

Personal Property Security Agreement. 1. Grant of Security Interest.It applies to all transactions that create security interest in personal property. Drafting a Security Agreement. A short form of security agreement between a debtor and a secured party under Article 9 of New York's Uniform Commercial Code. A security interest in personal property involves using any form of personal property or fixture to secure a debt. A "SECURITY AGREEMENT" is an agreement that creates or provides for an interest in personal property that secures payment or performance of an obligation. Securing a debt with a lien against the personal property of your borrower is a fairly straightforward endeavor. The lender in Gardner v. Security interest is an interest in personal property or fixtures that secures payment or performance of an obligation.

Washington Personal Property Security Agreement

Description

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How to fill out Washington Personal Property Security Agreement?

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FAQ

Who signs a security agreement?

What are the requirements for a security agreement in the UCC?

Does a security agreement need to be in writing?

Who must a security agreement be signed by?

What is a personal property security agreement?

What must a security agreement have to be considered valid?

Is a security agreement required?

Can a security agreement be oral?

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