Wisconsin General Security Agreement granting secured party secured interest

• Category: Corporations - Public - Security
• State: Multi-State
• Control #: US-EG-9496
• Format: Word; Rich Text

Description

General Security Agreement between U.S. Wireless Data, Inc. and ComVest Capital Management, LLC regarding granting secured party secured interest dated December 30, 1999. 18 pages. A Wisconsin General Security Agreement (GSA) is a legal document that grants a secured party a secured interest in collateral as a form of security for a debt or obligation. This agreement is often used in commercial transactions to protect the interests of lenders or creditors. Keywords relevant to this topic include Wisconsin, General Security Agreement, secured party, secured interest, collateral, debt, obligation, lenders, and creditors. The Wisconsin General Security Agreement outlines the terms and conditions under which the secured party has the right to repossess and sell the collateral in the event of a default by the debtor. By having a secured interest, the secured party ensures that they have a priority claim over the collateral and can recover their debt before other creditors. There are different types of General Security Agreements that can be used in the state of Wisconsin, depending on the nature of the transaction or the type of collateral involved. Some common types include: 1. Real Estate General Security Agreement: This type of GSA is used when the collateral involves real property, such as land, buildings, or any interests in land. It provides security for debts or obligations related to real estate transactions. 2. Personal Property General Security Agreement: This GSA is used for transactions involving personal property, such as equipment, inventory, accounts receivable, and other movable assets. It grants a secured interest in these assets as security for the debt or obligation. 3. Intellectual Property General Security Agreement: This GSA is specifically designed for securing intellectual property assets, such as patents, trademarks, copyrights, or licenses. It ensures that the secured party has a priority claim over these intangible assets in case of default. Regardless of the type of General Security Agreement used, it is essential for both parties involved to clearly define the collateral, state the terms of repayment, and outline the remedies available in the event of default. Compliance with applicable laws, such as the Uniform Commercial Code (UCC), is crucial to ensure the validity and enforceability of the agreement. In summary, the Wisconsin General Security Agreement granting a secured party secured interest is a legally binding document used to protect the interests of lenders or creditors by granting them a priority claim over specific collateral. While there are different types of GSA's available, they all serve the purpose of providing security for a debt or obligation. It is advisable to seek legal advice when drafting or entering into a General Security Agreement to ensure compliance with relevant laws and to protect the rights of all parties involved.

A Wisconsin General Security Agreement (GSA) is a legal document that grants a secured party a secured interest in collateral as a form of security for a debt or obligation. This agreement is often used in commercial transactions to protect the interests of lenders or creditors. Keywords relevant to this topic include Wisconsin, General Security Agreement, secured party, secured interest, collateral, debt, obligation, lenders, and creditors. The Wisconsin General Security Agreement outlines the terms and conditions under which the secured party has the right to repossess and sell the collateral in the event of a default by the debtor. By having a secured interest, the secured party ensures that they have a priority claim over the collateral and can recover their debt before other creditors. There are different types of General Security Agreements that can be used in the state of Wisconsin, depending on the nature of the transaction or the type of collateral involved. Some common types include: 1. Real Estate General Security Agreement: This type of GSA is used when the collateral involves real property, such as land, buildings, or any interests in land. It provides security for debts or obligations related to real estate transactions. 2. Personal Property General Security Agreement: This GSA is used for transactions involving personal property, such as equipment, inventory, accounts receivable, and other movable assets. It grants a secured interest in these assets as security for the debt or obligation. 3. Intellectual Property General Security Agreement: This GSA is specifically designed for securing intellectual property assets, such as patents, trademarks, copyrights, or licenses. It ensures that the secured party has a priority claim over these intangible assets in case of default. Regardless of the type of General Security Agreement used, it is essential for both parties involved to clearly define the collateral, state the terms of repayment, and outline the remedies available in the event of default. Compliance with applicable laws, such as the Uniform Commercial Code (UCC), is crucial to ensure the validity and enforceability of the agreement. In summary, the Wisconsin General Security Agreement granting a secured party secured interest is a legally binding document used to protect the interests of lenders or creditors by granting them a priority claim over specific collateral. While there are different types of GSA's available, they all serve the purpose of providing security for a debt or obligation. It is advisable to seek legal advice when drafting or entering into a General Security Agreement to ensure compliance with relevant laws and to protect the rights of all parties involved.