When a debt is secured by property as collateral?

A secured debt is one for which a specific item of property? called a security interest or collateral? guarantees payment of the debt. If you don't pay a debt secured by personal property, the creditor has the right to take the property pledged as collateral for the loan.

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Liquidation Agreement regarding Debtor's Collateral in Satisfaction...

Bexar Texas Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness

Name: Bexar Texas Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness
Brand: US Legal Forms
Rating: 4.62 (264 reviews)

Category:

Loans and Lending - Default

State:

Multi-State

County:

Bexar

Control #:

US-00769BG

Format:

Instant download

Description

This form deals with a situation where a Lender and Debtor have previously entered into a Promissory Note and Security Agreement and the Debtor has defaulted under the Note and Security Agreement for failure to make timely payments. Pursuant to this Agreement, Lender has agreed to forbear for a limited time from immediately enforcing its rights against the Collateral to permit the Debtor a short period of time to repay the debt and liquidate the Collateral.

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FAQ

Defined in the UCC as: A person in whose favor a security interest is created or provided for under a security agreement, whether or not any obligation to be secured is outstanding.

If the debtor defaults and does not repay the loan, generally the secured party can foreclose and recover the collateral. A person who has an ownership or other interest in the collateral and owes payment of a secured obligation Revised UCC 9-102(a)(28).

Either way, if you or the business can't pay back the debt, a secured creditor can repossess or foreclose on the secured property, or order it to be sold, to satisfy the debt.

In remedies which Holder has hereunder or by law, upon Default, Holder shall have the right to enforce its rights in the Collateral by giving notice of the Default to Borrower and foreclosing on the Collateral.

To become a secured party, the creditor must obtain a security interest in the collateral of the debtor.

Attachment when a security agreement is executed and the debtor acquires right in the assets subject to the security interest (collateral). The creditor's security interest becomes enforceable.

When the debtor sells collateral, he or she receives proceeds, something that is exchanged for collateral. The secured party automatically has an interest in the proceeds. If 2 parties provide a loan based on the same collateral, the party with the secured interest will have priority on the collateral.

If the debtor defaults under its obligation, the secured creditor may proceed to sell the assets representing the collateral under the secured party's Credit Agreement.

If a borrower defaults on a secured credit product, the secured creditor has a legal right to the secured asset used as collateral. The secured asset may be seized by the secured creditor and sold to pay off any remaining obligations.

A secured debt is one for which a specific item of property? called a security interest or collateral? guarantees payment of the debt. If you don't pay a debt secured by personal property, the creditor has the right to take the property pledged as collateral for the loan.

More info

In October 2012, the Debtor filed a voluntary petition for chapter 11 relief in the United. States Bankruptcy Court for the District of Puerto Rico.Filed of record in the real property records of Bexar County, Texas. Construed as constituting an agreement with the purchasers of the Bonds. Assets pledged as collateral in support of irrevocable letters of credit issued under the terms of certain reinsurance agreements for reported loss and loss.

Bexar Texas Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness

Description

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