How does an Article 9 sale work?

Generally, a secured creditor may seek to enforce its rights on its collateral upon a borrower's default. A secured creditor's remedies include an Article 9 sale, the right to sell the collateral to a third party in a private or public sale without judicial proceedings.

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Amended Uniform commercial code security agreement

Riverside California Amended Uniform commercial code security agreement

Name: Riverside California Amended Uniform commercial code security agreement
Brand: US Legal Forms
Rating: 4.58 (225 reviews)

Category:

Contracts - Uniform Commercial Code - Amended Security Agreements

State:

Multi-State

County:

Riverside

Control #:

US-0484-WG

Format:

Instant download

Description

Amended Uniform commercial code security agreement

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How to fill out Riverside California Amended Uniform Commercial Code Security Agreement?

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FAQ

Security agreements and financing statements are often confused with one another. The primary difference is that the financing statement largely serves as notice that a creditor possesses security interest in the debtor's assets or property. The financing statement is not a contract.

Security agreement. 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.

Generally, a secured creditor may seek to enforce its rights on its collateral upon a borrower's default. A secured creditor's remedies include an Article 9 sale, the right to sell the collateral to a third party in a private or public sale without judicial proceedings.

In general, Article 9 of the Uniform Commercial Code applies only to security interests in personal property and fixtures, not liens on real property.

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.

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.

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

Key Points for the Secured Party to Remember Upon Debtor's Default. The term default is not defined under Article 9; the debtor and Secured Party are left to define events of default within their contract. The collateral may be repossessed.

(47) "Instrument" means a negotiable instrument or any other writing that evidences a right to the payment of a monetary obligation, is not itself a security agreement or lease, and is of a type that in ordinary course of business is transferred by delivery with any necessary indorsement or assignment.

Riverside California Amended Uniform commercial code security agreement

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FAQ

What is the difference between a security agreement and a financing statement?

What is a security agreement under the UCC?

How does an Article 9 sale work?

Does Article 9 of the UCC apply to real estate?

Which of the following is a requirement of a security agreement?

Can you file a UCC-1 without a security agreement?

What is the purpose of a security agreement?

How is an enforceable security interest created under Article 9 of the UCC?

How does the UCC define default under Article 9?

What is an instrument under Article 9?

Interesting Questions

What is the Riverside Amended Uniform Commercial Code Security Agreement 611573?

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Why is the Riverside Amended Uniform Commercial Code Security Agreement 611573 important?

What is collateral?

What happens in case of default on the agreement?

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