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Notice of Default under Security Agreement in Purchase of Mobile Home

Pima Arizona Notice of Default under Security Agreement in Purchase of Mobile Home

Name: Pima Arizona 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:

Pima

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.

How to fill out Pima Arizona Notice Of Default Under Security Agreement In Purchase Of Mobile Home?

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FAQ

Security agreement. (The UCC uses the term "authenticate" to include the possibility of electronic signatures.) A security agreement normally will contain a clear statement that the debtor is granting the secured party a security interest in specified goods.

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.

The court noted that the California Commercial Code provides that a person may file a UCC-1 only if the debtor authorizes the filing by (1) authenticating a security agreement; (2) becoming bound as debtor by a security agreement; or (3) acquiring collateral in which a security interest is attached.

In order for a security interest to be enforceable against the debtor and third parties, UCC Article 9 sets forth three requirements: Value must be provided in exchange for the collateral; the debtor must have rights in the collateral or the ability to convey rights in the collateral to a secured party; and either the

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.

Debtor's rights in collateral. In such cases, the business will sign a conditional sales contract, which is also considered a security agreement, and which, under UCC sales rules, will give the business the necessary rights in the purchased items to use them as collateral.

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Jobs 1 - 10 of 25 — Please upload your resume and cover letter after filling out the Employment Application . This publication answers common questions about.Persons who are renting a mobile home and the mobile home space from the same owner. Thursday, December 11, 1980 R TUCSON, THURSDAY, DECEMBER 11, 1980 Sports in brief The Associated Press i NHL realigns divisions i PALM BEACH, Fla. Jobs 1 - 10 of 25 — Please upload your resume and cover letter after filling out the Employment Application . This publication answers common questions about. Persons who are renting a mobile home and the mobile home space from the same owner. Thursday, December 11, 1980 R TUCSON, THURSDAY, DECEMBER 11, 1980 Sports in brief The Associated Press i NHL realigns divisions i PALM BEACH, Fla.

Pima Arizona Notice of Default under Security Agreement in Purchase of Mobile Home

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