A Washington Personal Property Security Agreement (PSA) is a legal document that is used to create a security interest in personal property located in the state of Washington. The PSA is used to secure a debt by giving the creditor the right to take possession of the debtor's personal property in the event of default. The PSA is usually used by creditors when the debtor is unable to provide sufficient collateral for a loan. There are two types of Washington Personal Property Security Agreement: an Absolute Security Agreement and a Purchase Money Security Agreement. An Absolute Security Agreement is used when the debtor has already purchased the personal property and is using it as collateral for the loan. A Purchase Money Security Agreement is used when the creditor provides funds to purchase the personal property, and the debtor agrees to provide the creditor with a security interest in the personal property in exchange for the loan. The PSA is governed by Washington state law and must include certain information such as the name of the debtor and creditor, a description of the personal property, the amount of the debt and the terms of the agreement. The agreement must also be signed and notarized by both parties.
Washington Personal Property Security Agreement
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FAQ
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.
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.
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.
A ?SECURITY AGREEMENT? is an agreement that. creates or provides for an interest in personal property. that secures payment or performance of an obligation.
A security agreement may be oral if the secured party (the lender) has actual physical possession of the collateral.
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.
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.
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.