Riverside California Sale of Personal Property with Security Agreement

Name: Riverside California Sale of Personal Property with Security Agreement
Brand: US Legal Forms
Rating: 4.79 (342 reviews)

Category:

Loans and Lending - Secured Transactions

State:

Multi-State

County:

Riverside

Control #:

US-01800BG

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.

A secured transaction involves a sale on credit or lending money where a creditor is unwilling to accept the promise of a debtor to pay an obligation without some sort of collateral. The creditor requires the debtor to secure the obligation with collateral so that if the debtor does not pay as promised, the creditor can take the collateral, sell it, and apply the proceeds against the unpaid obligation of the debtor.

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FAQ

When a valid security interest becomes effective as between debtor and creditor, it is said to: attach to the collateral. Sandy purchases a piece of equipment to use in her business. The seller of the equipment extended credit to Sandy to enable her to purchase the equipment.

Security interest is an enforceable legal claim or lien on collateral that has been pledged, usually to obtain a loan. The borrower provides the lender with a security interest in certain assets, which gives the lender the right to repossess all or part of the property if the borrower stops making loan payments.

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

A perfected security interest is any secure interest in an asset that cannot be claimed by any other party. The interest is perfected by registering it with the appropriate statutory authority, so that it is made legally enforceable and any subsequent claim on that asset is given a junior status.

Two-Party Secured Transaction. Occurs when a seller sells goods to a buyer on credit and retains a security interest in the goods. Three-Party Secured Transaction. Occurs when a seller sells goods to a buyer who has obtained financing from a third-party lender who takes a security interest in the goods sold.

Conflicting Perfected Security Interests: When two or more secured parties have perfected security interests in the same collateral, generally the first to perfect has priority.

If at any time any Grantor shall take a security interest in any property of an Account Debtor or any other person to secure payment and performance of an Account, such Grantor shall promptly assign such security interest to the Collateral Agent.

A security interest is a legal right granted by a debtor to a creditor over the debtor's property which enables the creditor to have recourse to the property if the debtor defaults in making payment or otherwise performing the secured obligations. Collateral is the more common term for this.

Collateral: Property, including accounts and chattel paper (i.e., a note evidencing a debt secured by personal property), which is subject to a security interest.

One of the most common examples of a security interest is a mortgage: a person borrows money from the bank to buy a house, and they grant a mortgage over the house so that if they default in repaying the loan, the bank can sell the house and apply the proceeds to the outstanding loan.

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Riverside California Sale of Personal Property with Security Agreement

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When a valid security interest becomes effective as between debtor and creditor It is said to?

What is a security interest in collateral?

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

What does it mean when a security interest is perfected?

When a seller sells on credit and is given a security interest in the goods that interest is called?

When two creditors have a security interest in the same collateral which party takes priority?

What does it mean to assign a security interest?

What is a security interest equity?

Is collateral the subject of a security interest?

What can you have a security interest in?

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