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Security Agreement in Equipment for Business Purposes - Securing...

Hillsborough Florida Security Agreement in Equipment for Business Purposes - Securing Promissory Note

Name: Hillsborough Florida Security Agreement in Equipment for Business Purposes - Securing Promissory Note
Brand: US Legal Forms
Rating: 4.77 (223 reviews)

Category:

Loans and Lending - Secured Transactions

State:

Multi-State

County:

Hillsborough

Control #:

US-01686BG

Format:

Instant download

Description

A secured transaction is created when a buyer or borrower (debtor) grants a seller or lender (creditor or secured party) a security interest in personal property (collateral). A security interest allows a creditor to repossess and sell the collateral if a debtor fails to pay a secured debt.

The Truth-in-Lending Act (TILA) is part of the Federal Consumer Credit Protection Act. The purpose of the TILA is to make full disclosure to debtors of what they are being charged for the credit they are receiving. The Act merely asks lenders to be honest to the debtors and not cover up what they are paying for the credit. Regulation Z is a federal regulation prepared by the Federal Reserve Board to carry out the details of the Act. TILA applies to consumer credit transactions. Consumer credit is credit for personal or household use and not commercial use or business purposes.

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FAQ

A secured promissory note, as the name partially implies, is secured by some form of property (i.e. collateral), while an unsecured promissory note does not involve collateral. If the borrower defaults on a Secured Promissory Note, the lender gets to keep the collateral (the property that was used to secure the loan).

A promissory note secured by collateral will need a second document. If the collateral is real property, there will be either a mortgage or a deed of trust. If the collateral is personal property, there will be a security agreement.

But the promissory note is the document that contains the promise to repay the amount borrowed. The purpose of the mortgage is to provide security for the loan that's evidenced by a promissory note. Those who sign the note are personally liable for repaying the amount borrowed.

Deeds of trust are used in conjunction with promissory notes. The deed of trust is the security for the amount loaned to finance the real estate purchase, and is secured by the underlying piece of real estate. The deed of trust is what secures the promissory note.

In addition, the note resembles a security if the lender takes the note as an investment, in the same sense that the lender might buy stock as an investment. Depending on the facts and circumstances, a Note that has a term of less than 9 months may be security.

In general, under the federal Securities Acts, promissory notes are defined as securities, but notes with a maturity of 9 months or less are not securities.

Promissory notes can be secured using a financing statement, deed of trust, or a mortgage. If a promissory note includes these terms, then it is a secured promissory note. So, the inclusion of collateral is the only real difference between secured promissory notes and unsecured promissory notes.

Generally, a Secured Promissory Note will be secured using an additional document. If the property being used as collateral is personal property, the Note will be secured using a Security Agreement. If the property being used as collateral is real property, the Note will be secured using a Deed of Trust.

A promissory note can become invalid if it excludes A) the total sum of money the borrower owes the lender (aka the amount of the note) or B) the number of payments due and the date each increment is due.

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Hillsborough Florida Security Agreement in Equipment for Business Purposes - Securing Promissory Note

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What makes a promissory note secure?

Does a promissory note need a security agreement?

What document acts as security for a promissory note?

Which is a security instrument used in conjunction with a promissory note?

What acts as security for a promissory note?

Is a promissory note considered a security?

Are promissory notes secured or unsecured?

How do you secure a promissory note with real property?

What makes a promissory note invalid in Florida?

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Why would a business need to secure a promissory note?

What does the term 'Equipment for Business Purposes' mean?

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What happens if the borrower fails to repay the loan?

Can a business use leased equipment as collateral?

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