When occurs the creditor becomes a secured party with an interest in the collateral?

A creditor has a security interest in collateral, and becomes a secured party, if and when a security interest "attaches." Under the UCC, a security interest generally does not attach unless three basic requirements are met.

US Legal Forms
Localized Forms
Texas
Tarrant
Liquidation Agreement regarding Debtor's Collateral in Satisfaction...

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

Name: Tarrant 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:

Tarrant

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.

How to fill out Tarrant Texas Liquidation Agreement Regarding Debtor's Collateral In Satisfaction Of Indebtedness?

How much time does it normally take you to create a legal document? Considering that every state has its laws and regulations for every life situation, finding a Tarrant Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness meeting all regional requirements can be exhausting, and ordering it from a professional lawyer is often costly. Numerous web services offer the most common state-specific templates for download, but using the US Legal Forms library is most beneficial.

US Legal Forms is the most comprehensive web collection of templates, grouped by states and areas of use. Apart from the Tarrant Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness, here you can find any specific form to run your business or individual affairs, complying with your regional requirements. Professionals check all samples for their actuality, so you can be certain to prepare your documentation correctly.

Using the service is pretty straightforward. If you already have an account on the platform and your subscription is valid, you only need to log in, select the needed sample, and download it. You can pick the document in your profile at any moment later on. Otherwise, if you are new to the website, there will be some extra actions to complete before you obtain your Tarrant Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness:

Check the content of the page you’re on.
Read the description of the sample or Preview it (if available).
Search for another form using the corresponding option in the header.
Click Buy Now when you’re certain in the selected document.
Select the subscription plan that suits you most.
Create an account on the platform or log in to proceed to payment options.
Pay via PalPal or with your credit card.
Switch the file format if needed.
Click Download to save the Tarrant Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness.
Print the doc or use any preferred online editor to fill it out electronically.

No matter how many times you need to use the acquired document, you can find all the samples you’ve ever downloaded in your profile by opening the My Forms tab. Try it out!

Form Rating

4.62

Satisfied(264)

Form popularity

FAQ

Perfection by Possession: A secured creditor can perfect his or her security interest by taking possession of the collateral until the debtor has paid the debt for which the collateral was pledged. For example, stocks, bonds, jewelry.

If you've unknowingly sold part of the collateral, contact your lender immediately. You will either need to pay all or a portion of the loan, or arrange for replacement collateral. If you wait until the lender finds out on its own, it will be much less willing to work with you.

A security interest formed when a debtor uses borrowed money from the secured party to a security agreement to buy the collateral. a series of legal steps a secured party to a security agreement takes to protect its right in the collateral from other creditors who want their debts satisfied through the same collateral.

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.

Must be signed by the debtor and reasonably identifiable description of collateral. Purchase-money security interest (PMSI) PMSI is created when a debtor uses money borrowed from the secured party to purchase the collateral.

A creditor has a security interest in collateral, and becomes a secured party, if and when a security interest "attaches." Under the UCC, a security interest generally does not attach unless three basic requirements are met.

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.

Goods or software used for the purpose of securing a purchase-money obligation that a debtor incurs to buy goods. business law.

A secured creditor is any creditor or lender associated with an issuance of a credit product that is backed by collateral. Secured credit products are backed by collateral. In the case of a secured loan, collateral refers to assets that are pledged as security for the repayment of that loan.

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

Interesting Questions

More info

North Tarrant Express – Concession Facility. Volume II, Book 1 – Concession CDA.Safe Harbors related to Close Out of Complex. Julene Robinson presented the proposed employment agreement for Marc Sachse for approval.

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

Description

Related forms

How to fill out Tarrant Texas Liquidation Agreement Regarding Debtor's Collateral In Satisfaction Of Indebtedness?

Show more info

Form Rating

Form popularity

FAQ

What can a debtor do with collateral before the creditor disposes of it?

What happens when collateral is sold?

Which is formed when a debtor uses borrowed money to buy the collateral?

When a debtor sells collateral he or she receives something that is exchanged for collateral?

What is the term for an interest that is created when a debtor uses money borrowed from a secured party to purchase the collateral for a security agreement?

When occurs the creditor becomes a secured party with an interest in the collateral?

What is a secured party with a security interest?

What is collateral purchase money?

When a borrower pledges collateral to obtain a loan the lender is known as a secured creditor?

What signifies that the creditor has become a secured party with an interest in certain collateral?

Interesting Questions

What is the Tarrant Liquidation Agreement?

What does 'collateral' refer to in the Tarrant Liquidation Agreement?

How does the Tarrant Liquidation Agreement work?

What happens to the debtor's collateral under the Tarrant Liquidation Agreement?

Can the debtor prevent the liquidation of their collateral?

What if the proceeds from the liquidation of the collateral exceed the amount owed?

More info

Trusted and secure by over 3 million people of the world’s leading companies