Contra Costa California General Security Agreement granting secured party secured interest

• Category: Corporations - Public - Security
• State: Multi-State
• County: Contra Costa
• Control #: US-EG-9496
• Format: Word; Rich Text

Description

General Security Agreement between U.S. Wireless Data, Inc. and ComVest Capital Management, LLC regarding granting secured party secured interest dated December 30, 1999. 18 pages. A Contra Costa General Security Agreement is a legal document that grants a secured party a secured interest in specific assets owned by a debtor. This agreement ensures the secured party's right to claim or recover the value of the assets in case the debtor defaults on their obligations. In Contra Costa County, California, these agreements are commonly used in various business transactions, including loans and credit arrangements. The purpose of a Contra Costa General Security Agreement is to provide a legal framework for the execution of a transaction by identifying specific assets that will serve as collateral for the debtor's debt. By granting the secured party a secured interest in these assets, the agreement establishes a priority claim that allows the secured party to seek repayment before other unsecured creditors. There are different types of Contra Costa General Security Agreements, each serving a specific purpose based on the nature of the transaction. Some of these agreements include: 1. Real Property Security Agreement: This type of agreement specifically covers real estate properties owned by the debtor. By granting a secured interest in the property, the secured party can foreclose on it if the debtor fails to fulfill their obligations. 2. Chattel Mortgage: Chattel mortgages cover movable assets such as equipment, vehicles, inventory, or other personal property. These agreements allow the secured party to seize and sell the assets in case of default. 3. Floating Lien Agreement: A floating lien agreement is more flexible as it covers a changing pool of assets. It grants the secured party a claim on the debtor's current and future assets, including accounts receivable and inventory. As the debtor's assets change, the agreement automatically adjusts to include the newly acquired assets. 4. Security Agreement with Accounts: This agreement focuses on the debtor's accounts or trade receivables. It enables the secured party to take control of the debtor's accounts and collect payments directly to satisfy the debt if necessary. 5. Security Agreement with Deposit Accounts: In situations where the debtor holds deposit accounts, such as bank accounts or investment accounts, this agreement grants the secured party a claim on those accounts as collateral. It is crucial for both the debtor and the secured party to thoroughly understand the terms and conditions outlined in Contra Costa General Security Agreements. Consulting with legal professionals experienced in California's specific laws regarding secured transactions is highly recommended ensuring compliance and protection for all parties involved.

A Contra Costa General Security Agreement is a legal document that grants a secured party a secured interest in specific assets owned by a debtor. This agreement ensures the secured party's right to claim or recover the value of the assets in case the debtor defaults on their obligations. In Contra Costa County, California, these agreements are commonly used in various business transactions, including loans and credit arrangements. The purpose of a Contra Costa General Security Agreement is to provide a legal framework for the execution of a transaction by identifying specific assets that will serve as collateral for the debtor's debt. By granting the secured party a secured interest in these assets, the agreement establishes a priority claim that allows the secured party to seek repayment before other unsecured creditors. There are different types of Contra Costa General Security Agreements, each serving a specific purpose based on the nature of the transaction. Some of these agreements include: 1. Real Property Security Agreement: This type of agreement specifically covers real estate properties owned by the debtor. By granting a secured interest in the property, the secured party can foreclose on it if the debtor fails to fulfill their obligations. 2. Chattel Mortgage: Chattel mortgages cover movable assets such as equipment, vehicles, inventory, or other personal property. These agreements allow the secured party to seize and sell the assets in case of default. 3. Floating Lien Agreement: A floating lien agreement is more flexible as it covers a changing pool of assets. It grants the secured party a claim on the debtor's current and future assets, including accounts receivable and inventory. As the debtor's assets change, the agreement automatically adjusts to include the newly acquired assets. 4. Security Agreement with Accounts: This agreement focuses on the debtor's accounts or trade receivables. It enables the secured party to take control of the debtor's accounts and collect payments directly to satisfy the debt if necessary. 5. Security Agreement with Deposit Accounts: In situations where the debtor holds deposit accounts, such as bank accounts or investment accounts, this agreement grants the secured party a claim on those accounts as collateral. It is crucial for both the debtor and the secured party to thoroughly understand the terms and conditions outlined in Contra Costa General Security Agreements. Consulting with legal professionals experienced in California's specific laws regarding secured transactions is highly recommended ensuring compliance and protection for all parties involved.