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General Security Agreement granting secured party secured interest

King Washington General Security Agreement granting secured party secured interest

Name: King Washington General Security Agreement granting secured party secured interest
Brand: US Legal Forms
Rating: 4.73 (400 reviews)

Category:

Corporations - Public - Security

State:

Multi-State

County:

King

Control #:

US-EG-9496

Format:

Instant download

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.

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How to fill out King Washington General Security Agreement Granting Secured Party Secured Interest?

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FAQ

The most common way to perfect a security interest is through filing a financing statement. A financing statement is filed with the Secretary of State and it puts other creditors on notice of the secured party's security interest in the collateral.

A general security agreement creates a security interest in all present and future assets of the borrower. This means the lender would have access to all assets your business owns now and any future assets your business purchases as collateral for the loan issued.

Security interest is an enforceable legal claim or lien on collateral that has been pledged, usually to obtain a loan. The borrower provides the lender with a security interest in certain assets, which gives the lender the right to repossess all or part of the property if the borrower stops making loan payments.

Defined in the UCC as: A person in whose favor a security interest is created or provided for under a security agreement, whether or not any obligation to be secured is outstanding.

A security interest arises when, in exchange for a loan, a borrower agrees in a security agreement that the lender (the secured party) may take specified collateral owned by the borrower if he or she should default on the loan.

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.

However, generally speaking, the primary ways for a secured party to perfect a security interest are: by filing a financing statement with the appropriate public office. by possessing the collateral. by "controlling" the collateral; or. it's done automatically upon attachment of the security interest.

The only way that a secured party may perfect its security interest in money is by possession. Instruments. A lender may perfect a security interest in an instrument either by filing or possession.

For a security interest to attach, the following events must have occurred: (A) value must have been given by the Secured Party; (B) the Debtor must have rights in the collateral; and (C) the Secured Party must have been granted a security interest in the collateral.

A perfected security interest is any secure interest in an asset that cannot be claimed by any other party. The interest is perfected by registering it with the appropriate statutory authority, so that it is made legally enforceable and any subsequent claim on that asset is given a junior status.

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The Code does not state whether the title to the collateral is in the secured party or whether it is in the debtor. 9-203(1)(a) -- "the collateral is in the possession of the secured party pursuant to agreement, . . .Committed to the financial health of our customers and communities. "The market used to shut down in the second week of August," a banker said. "But that's just not the case now. Scottish perspective on news, sport, business, lifestyle, food and drink and more, from Scotland's national newspaper, The Scotsman.

King Washington General Security Agreement granting secured party secured interest

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What is the most common way of perfecting a security interest?

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How would you attach and perfect a security interest under the UCC?

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Interesting Questions

What is a General Security Agreement?

Who is the secured party in this agreement?

What is a secured interest?

What does it mean to grant a secured interest?

What assets are covered by this security agreement?

What is the purpose of a General Security Agreement?

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