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Notice of Default under Security Agreement in Purchase of Mobile Home

Dallas Texas Notice of Default under Security Agreement in Purchase of Mobile Home

Name: Dallas Texas Notice of Default under Security Agreement in Purchase of Mobile Home
Brand: US Legal Forms
Rating: 4.56 (270 reviews)

Category:

Loans and Lending - Secured Transactions

State:

Multi-State

County:

Dallas

Control #:

US-02459BG

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 (the secured party) 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. A security interest is an interest in personal property or fixtures that secures payment or performance of an obligation. Personal property is basically anything that is not real property.

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FAQ

Article 9 contains a statute of frauds which requires a security agreement to be in writing unless it is pledged.

A security agreement is a document that provides a lender a security interest in a specified asset or property that is pledged as collateral. Security agreements often contain covenants that outline provisions for the advancement of funds, a repayment schedule, or insurance requirements.

Certain specific requirements are required for the security agreement to form the foundation for a valid security interest, namely 1) it must be signed, 2) it must clearly state that a security interest is intended, and 3) it must contain a sufficient description of the collateral subject to the security interest.

A security agreement, in the law of the United States, is a contract that governs the relationship between the parties to a kind of financial transaction known as a secured transaction.

Key Takeaways. A security agreement is a document that provides a lender a security interest in a specified asset or property that is pledged as collateral. Security agreements often contain covenants that outline provisions for the advancement of funds, a repayment schedule, or insurance requirements.

Security agreements can be used to secure personal or business loans. A general security agreement (GSA) is often used in commercial lending. It enables a lender to access the assets of a business as collateral. With a GSA, the borrower has a security interest in all the borrower's present and future assets.

In general, the promissory note is your written promise to repay the loan and a security agreement is used when collateral is given for the loan.

A general security agreement creates a security interest in all present and future assets of the borrower. This means the lender would have access to all assets your business owns now and any future assets your business purchases as collateral for the loan issued.

It is recommended that the security agreement include a provision giving the creditor a right to enter on the debtor's premises and retake the collateral in the event of default. Second, the creditor can file a claim & delivery lawsuit and have a court order the property be turned over to the creditor.

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In the event that Landlord accepts new rent from Tenant after the termination date, a month-to- month tenancy shall be created. Security interest is a legal claim on collateral that has been pledged, usually to obtain a loan, that gives a creditor the right to repossession.Jobs 1 - 10 of 180 — The salary listed on this job posting is the starting salary range; amount offered will depend upon qualifications. The City of Newman is offering a First-Time Home Buyers (FTHB) Program. Committed to the financial health of our customers and communities. Accenture embraces the power of change to create 360° value and shared success in the U.S. for our clients, people, shareholders, partners and communities. Seek Additional Agreements with Owners of Manufactured Home Communities. Student exam malpractice (443. 6 KB); Identifying malpractice quiz (613. ExxonMobil is one of the world's largest publicly traded international oil and gas companies.

Dallas Texas Notice of Default under Security Agreement in Purchase of Mobile Home

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Does a security agreement have to be in writing?

What is included in a security agreement?

What makes a security agreement valid?

Is a security agreement a contract?

What is in a security agreement?

What does a security agreement cover?

What is a business security agreement?

Is a security agreement the same as a loan agreement?

What is collateral in a general security agreement?

How do you enforce a security agreement?

Interesting Questions

What is a Dallas Notice of Default?

Why would I receive a Notice of Default for my mobile home purchase in Dallas?

What happens after I receive a Notice of Default?

Can I negotiate with the lender after receiving a Notice of Default?

What are the consequences of ignoring a Notice of Default?

Is there a way to delay or prevent foreclosure after receiving a Notice of Default?

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