Wisconsin Security Agreement between Jon H. Rowberry and Franklin Covey Company

• Category: Corporations - Public - Security
• State: Multi-State
• Control #: US-EG-9055
• Format: Word; Rich Text

Description

Security Agreement between Jon H. Rowberry and Franklin Covey Company dated September 23, 1999. 3 pages A Wisconsin Security Agreement is a legal document that creates a security interest in the property of a debtor to secure the debts owed to a creditor. In this case, Jon H. Row berry enters into a Security Agreement with Franklin Covey Company, resulting in a legally binding arrangement to secure a debt in Wisconsin. Here is a detailed description of what the agreement entails: The Wisconsin Security Agreement between Jon H. Row berry and Franklin Covey Company is a comprehensive contract that outlines the terms and conditions regarding the security interest in certain property. The purpose of this agreement is to protect the interests of Franklin Covey Company, as a creditor, in the event of default or non-payment by Jon H. Row berry, the debtor. As mentioned, a security interest is created in the property of the debtor to serve as collateral for the debt. This can include tangible assets like equipment, inventory, accounts receivable or intangible assets like intellectual property rights, copyrights, or patents. By establishing a security interest, Franklin Covey Company gains the right to seize or sell the property covered under the agreement in the event of default, offering them a form of assurance for repayment. The agreement clearly defines the obligations and responsibilities of both parties. It stipulates the specific property covered under the security interest, ensuring that the debtor cannot sell or dispose of the collateral without prior consent. This safeguards the creditor's right to the pledged property until the debt is fully satisfied. Additionally, the agreement outlines the terms of repayment. It includes the principal amount owed, the interest rate, and the agreed-upon payment schedule. This information helps both parties understand their financial commitments and expectations. Furthermore, the agreement may include provisions regarding default and remedies. It clearly states the actions that Franklin Covey Company can initiate in case of non-payment or other breaches of the agreement by Jon H. Row berry. These actions might include taking possession of the collateral, selling it at auction, or pursuing legal avenues to recover the debt. It is essential to mention that Wisconsin's legal framework governs the execution and enforcement of the Wisconsin Security Agreement. As such, both parties must ensure the agreement complies with the specific regulations and provisions outlined in the laws of Wisconsin. This ensures that the agreement is legally binding and enforceable in the state. In summary, the Wisconsin Security Agreement between Jon H. Row berry and Franklin Covey Company is a detailed contract that creates a security interest in the debtor's property until the debt is repaid. Through this agreement, Franklin Covey Company secures its position as a creditor, ensuring that they have recourse should the debtor fail to fulfill their financial obligations. Compliance with Wisconsin's legal requirements is crucial to guarantee the agreement's validity and enforceability. Different types of Wisconsin Security Agreements between Jon H. Row berry and Franklin Covey Company may include variations based on the type of property serving as collateral or specific terms agreed upon by both parties. Examples could include a Wisconsin Security Agreement for tangible assets, specifically equipment or inventory, or a Wisconsin Security Agreement for intangible property, such as intellectual property rights. The specific nature of these agreements may require adjusted clauses, definitions, or provisions relevant to the respective type of collateral involved.

A Wisconsin Security Agreement is a legal document that creates a security interest in the property of a debtor to secure the debts owed to a creditor. In this case, Jon H. Row berry enters into a Security Agreement with Franklin Covey Company, resulting in a legally binding arrangement to secure a debt in Wisconsin. Here is a detailed description of what the agreement entails: The Wisconsin Security Agreement between Jon H. Row berry and Franklin Covey Company is a comprehensive contract that outlines the terms and conditions regarding the security interest in certain property. The purpose of this agreement is to protect the interests of Franklin Covey Company, as a creditor, in the event of default or non-payment by Jon H. Row berry, the debtor. As mentioned, a security interest is created in the property of the debtor to serve as collateral for the debt. This can include tangible assets like equipment, inventory, accounts receivable or intangible assets like intellectual property rights, copyrights, or patents. By establishing a security interest, Franklin Covey Company gains the right to seize or sell the property covered under the agreement in the event of default, offering them a form of assurance for repayment. The agreement clearly defines the obligations and responsibilities of both parties. It stipulates the specific property covered under the security interest, ensuring that the debtor cannot sell or dispose of the collateral without prior consent. This safeguards the creditor's right to the pledged property until the debt is fully satisfied. Additionally, the agreement outlines the terms of repayment. It includes the principal amount owed, the interest rate, and the agreed-upon payment schedule. This information helps both parties understand their financial commitments and expectations. Furthermore, the agreement may include provisions regarding default and remedies. It clearly states the actions that Franklin Covey Company can initiate in case of non-payment or other breaches of the agreement by Jon H. Row berry. These actions might include taking possession of the collateral, selling it at auction, or pursuing legal avenues to recover the debt. It is essential to mention that Wisconsin's legal framework governs the execution and enforcement of the Wisconsin Security Agreement. As such, both parties must ensure the agreement complies with the specific regulations and provisions outlined in the laws of Wisconsin. This ensures that the agreement is legally binding and enforceable in the state. In summary, the Wisconsin Security Agreement between Jon H. Row berry and Franklin Covey Company is a detailed contract that creates a security interest in the debtor's property until the debt is repaid. Through this agreement, Franklin Covey Company secures its position as a creditor, ensuring that they have recourse should the debtor fail to fulfill their financial obligations. Compliance with Wisconsin's legal requirements is crucial to guarantee the agreement's validity and enforceability. Different types of Wisconsin Security Agreements between Jon H. Row berry and Franklin Covey Company may include variations based on the type of property serving as collateral or specific terms agreed upon by both parties. Examples could include a Wisconsin Security Agreement for tangible assets, specifically equipment or inventory, or a Wisconsin Security Agreement for intangible property, such as intellectual property rights. The specific nature of these agreements may require adjusted clauses, definitions, or provisions relevant to the respective type of collateral involved.