Memphis Tennessee Security Agreement in Inventory, Accounts Receivable, Chattel Paper, and Instruments

• Category: Loans and Lending - Security Agreements
• State: Multi-State
• City: Memphis
• Control #: US-0885BG
• Format: Word; Rich Text

Description

A secured transaction is created by means of a security agreement in which a lender (the secured party) may take specified collateral owned by the borrower if he or she should default on the loan. Collateral is the property that secures the debt and may be forfeited to the creditor if the debtor fails to pay the debt. Article 9 of the Uniform Commercial Code covers most types of security agreements for personal property that are both consensual and commercial. All states have adopted and adapted the entire UCC, with the exception of Louisiana, which only adopted parts of it.