Wake North Carolina Assignment of Security Agreement and Note with Recourse

• Category: Small Business - Loans and Lending
• State: Multi-State
• County: Wake
• Control #: US-1340788BG
• Format: Word; Rich Text

Description

An assignment agreement is a contract in which one party assigns contractual rights. Assignment of rights under a contract is the complete transfer of the rights to receive the benefits accruing to one of the parties to that contract. A Wake North Carolina Assignment of Security Agreement and Note with Recourse is a legal document that outlines the transfer of rights and obligations from one party (the assignor) to another party (the assignee) regarding a security agreement and accompanying promissory note. This agreement is commonly used in Wake County, North Carolina, to facilitate the transfer of these financial instruments. In this assignment, the assignor, who is usually the original borrower or debtor, transfers their rights and interests in a security agreement and a note to the assignee, typically a lender or financial institution. By doing so, the assignee gains the right to collect payments, enforce the terms of the note, and exercise any related rights provided by the security agreement. The Wake North Carolina Assignment of Security Agreement and Note with Recourse is typically used when the assignor remains personally liable for the debt even after the assignment. This means that if the borrower defaults on the loan, the assignee has the option to seek repayment from both the original borrower and the collateral provided under the security agreement. Thus, recourse refers to the assignee's ability to recover the outstanding debt from the assignor in case of default. It is important to note that there may be different types or variations of a Wake North Carolina Assignment of Security Agreement and Note with Recourse. These variations can arise based on specific terms, conditions, or unique circumstances involved in the assignment. Some possible types of assignments include: 1. Absolute Assignment with Recourse: In this type of assignment, the assignee assumes full responsibility for the debt but retains the right to collect payment from the assignor if the borrower defaults. 2. Limited Assignment with Recourse: This type of assignment limits the assignee's recourse to only a specific portion of the debt or a particular asset identified in the security agreement. 3. Partial Assignment with Recourse: With this type of assignment, the assignee acquires a percentage or specific portion of the assignor's rights and obligations relating to the security agreement and note, allowing them to seek recourse accordingly. 4. Assignment of Security Agreement Only: This type of assignment involves the transfer of only the security agreement itself, without the accompanying promissory note. It allows the assignee to have control over the collateral provided by the assignor but does not grant the right to collect payments directly. In summary, a Wake North Carolina Assignment of Security Agreement and Note with Recourse is a legal instrument used to transfer rights and obligations related to a security agreement and promissory note. The assignee gains the ability to collect payments, enforce terms, and seek recourse against the assignor if the borrower defaults. The specific type of assignment may differ based on the extent of the assignee's recourse and the nature of the transferred rights and obligations.

A Wake North Carolina Assignment of Security Agreement and Note with Recourse is a legal document that outlines the transfer of rights and obligations from one party (the assignor) to another party (the assignee) regarding a security agreement and accompanying promissory note. This agreement is commonly used in Wake County, North Carolina, to facilitate the transfer of these financial instruments. In this assignment, the assignor, who is usually the original borrower or debtor, transfers their rights and interests in a security agreement and a note to the assignee, typically a lender or financial institution. By doing so, the assignee gains the right to collect payments, enforce the terms of the note, and exercise any related rights provided by the security agreement. The Wake North Carolina Assignment of Security Agreement and Note with Recourse is typically used when the assignor remains personally liable for the debt even after the assignment. This means that if the borrower defaults on the loan, the assignee has the option to seek repayment from both the original borrower and the collateral provided under the security agreement. Thus, recourse refers to the assignee's ability to recover the outstanding debt from the assignor in case of default. It is important to note that there may be different types or variations of a Wake North Carolina Assignment of Security Agreement and Note with Recourse. These variations can arise based on specific terms, conditions, or unique circumstances involved in the assignment. Some possible types of assignments include: 1. Absolute Assignment with Recourse: In this type of assignment, the assignee assumes full responsibility for the debt but retains the right to collect payment from the assignor if the borrower defaults. 2. Limited Assignment with Recourse: This type of assignment limits the assignee's recourse to only a specific portion of the debt or a particular asset identified in the security agreement. 3. Partial Assignment with Recourse: With this type of assignment, the assignee acquires a percentage or specific portion of the assignor's rights and obligations relating to the security agreement and note, allowing them to seek recourse accordingly. 4. Assignment of Security Agreement Only: This type of assignment involves the transfer of only the security agreement itself, without the accompanying promissory note. It allows the assignee to have control over the collateral provided by the assignor but does not grant the right to collect payments directly. In summary, a Wake North Carolina Assignment of Security Agreement and Note with Recourse is a legal instrument used to transfer rights and obligations related to a security agreement and promissory note. The assignee gains the ability to collect payments, enforce terms, and seek recourse against the assignor if the borrower defaults. The specific type of assignment may differ based on the extent of the assignee's recourse and the nature of the transferred rights and obligations.