Washington Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness
Description
How to fill out Liquidation Agreement Regarding Debtor's Collateral In Satisfaction Of Indebtedness?
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FAQ
Your failure to perfect a security interest may result in a secured creditor with a blanket lien or a bankruptcy trustee or debtor-in-possession obtaining title to your property.
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.
Ing to UCC Section 9-504, a financ- ing statement ?sufficiently indicates the collateral that it covers? if the financing statement provides (1) a description of the collateral pursuant to UCC Section 9-108, or (2) a generic description of all assets or all personal property of the debtor if the description of ...
Default occurs when the debtor either fails to make a payment when due or violates his or her security agreement. After a debtor defaults, the secured party may obtain possession or control of the collateral by written consent of the debtor or by obtaining an order from the tribal court.
A security agreement that identifies all the debtor's assets is insufficient under the UCC because it does not reasonably identify the collateral. A security agreement must contain a description of the collateral that reasonably identifies it.
Collateral can include business-related items such as inventory, business furniture, accounts receivable, or some business savings accounts. If a borrower defaults, the security agreement allows the lender to collect the borrower's collateral and either sell it or hold onto it until the loan is repaid.
It does not matter whether the agreement is between individuals or companies. A security agreement must contain a description of the collateral that reasonably identifies it; "all the debtor's assets" does not reasonably identify the collateral.
