Detroit Michigan General Form of Security Agreement in Inventory
Category:
State:
Multi-State
City:
Detroit
Control #:
US-1311324BG
Format:
Word;
Rich Text
Instant download
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. By creating a security interest, the secured party is also assured that if the debtor should go bankrupt he or she may be able to recover the value of the loan by taking possession of the specified collateral instead of receiving only a portion of the borrower’s property after it is divided among all creditors.
