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Notice of Default under Security Agreement in Purchase of Mobile Home

Santa Clara California Notice of Default under Security Agreement in Purchase of Mobile Home

Name: Santa Clara California 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:

Santa Clara

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.

WPF PS 04.0170 - Ex Parte Restraining Orde...

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Addendums to Shopping Center Lease

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How to fill out Santa Clara California Notice Of Default Under Security Agreement In Purchase Of Mobile Home?

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FAQ

The debtor must authenticate the security agreement by signing a statement that announces the intention to grant a security interest in the property specifically outlined in the security agreement.

Most commonly, a creditor with a valid security interest in a farmer's personal property, in a default situation, can enforce the security agreement by seizing any or all of the security through a civil enforcement agent or by appointing (with or without a court order) a receiver or a receiver and manager.

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.

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.

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.

Security release means a release conditioned on a promise to appear in court at all ap- Sample 1. Security release means the release of the Liens under the Security Documents in accordance with Section 10.02(d).

(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. The agreement also must provide a description of the collateral.

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 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.

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Santa Clara California Notice of Default under Security Agreement in Purchase of Mobile Home

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How to fill out Santa Clara California Notice Of Default Under Security Agreement In Purchase Of Mobile Home?

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FAQ

How do you authenticate a security agreement?

How do you enforce a general security agreement?

How do you enforce a security interest?

What makes a security agreement valid?

Can you file a UCC 1 without a security agreement?

What is a security release agreement?

What does it mean to authenticate a security agreement?

What does a security agreement do?

What is a security agreement UCC?

Is a security agreement a contract?

Interesting Questions

What is a Notice of Default?

What is the Security Agreement in the Purchase of a Mobile Home?

What does the Santa Clara Notice of Default under Security Agreement mean?

What happens if I receive a Santa Clara Notice of Default under Security Agreement?

Can the seller repossess the mobile home mentioned in the Notice of Default?

What are the consequences of defaulting on a Security Agreement?

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