Sacramento California General Security Agreement granting secured party secured interest

• Category: Corporations - Public - Security
• State: Multi-State
• County: Sacramento
• 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 Sacramento California General Security Agreement is a legally binding document that outlines the terms and conditions of a secured party securing interest in personal property. This agreement is designed to protect the rights of the secured party and ensure repayment or fulfillment of obligations by the debtor. It is commonly used in various financial transactions, such as loans, leases, or sales of goods, where the debtor pledges assets as collateral. Key features of a Sacramento California General Security Agreement include: 1. Granting Secured Interest: The agreement grants the secured party a secured interest in specific personal property, such as assets, inventory, equipment, or accounts receivable. This interest acts as security for the debtor's obligation, providing assurance that the debt will be repaid. 2. Debtor and Secured Party: The agreement identifies the debtor, who is the party obligated to repay the debt, and the secured party, who holds the security interest on the collateral. The debtor may be an individual, a business, or an organization. 3. Collateral Description: The agreement provides a detailed description of the collateral, including its nature, quantity, quality, location, and any other relevant details. This description ensures clarity and specificity, which is crucial in the event of default or dispute. 4. Security Interest Priority: In case of multiple creditors with security interests in the same collateral, the agreement addresses the priority of the secured party's interest. The concept of "first in time, first in right" determines the order of priority among competing security interests. Different types of Sacramento California General Security Agreements include: 1. Real Estate Security Agreement: This agreement grants a security interest in real property, such as land or buildings, as collateral. It is often used in mortgage loans or real estate transactions. 2. Chattel Security Agreement: This agreement grants a security interest in movable personal property, excluding real estate. It encompasses assets like vehicles, machinery, equipment, inventory, or accounts receivable. 3. Floating Lien Agreement: This agreement grants a security interest in a changing pool of collateral, such as inventory or accounts receivable. It allows the debtor to use, sell, or replenish the collateral while continuously securing the secured party's interest. In conclusion, a Sacramento California General Security Agreement is a crucial legal instrument that establishes a secured party's interest in personal property as collateral for debt repayment. Through various types of agreements, it ensures the protection of the secured party's rights and promotes transparency, clarity, and efficiency in financial transactions.

A Sacramento California General Security Agreement is a legally binding document that outlines the terms and conditions of a secured party securing interest in personal property. This agreement is designed to protect the rights of the secured party and ensure repayment or fulfillment of obligations by the debtor. It is commonly used in various financial transactions, such as loans, leases, or sales of goods, where the debtor pledges assets as collateral. Key features of a Sacramento California General Security Agreement include: 1. Granting Secured Interest: The agreement grants the secured party a secured interest in specific personal property, such as assets, inventory, equipment, or accounts receivable. This interest acts as security for the debtor's obligation, providing assurance that the debt will be repaid. 2. Debtor and Secured Party: The agreement identifies the debtor, who is the party obligated to repay the debt, and the secured party, who holds the security interest on the collateral. The debtor may be an individual, a business, or an organization. 3. Collateral Description: The agreement provides a detailed description of the collateral, including its nature, quantity, quality, location, and any other relevant details. This description ensures clarity and specificity, which is crucial in the event of default or dispute. 4. Security Interest Priority: In case of multiple creditors with security interests in the same collateral, the agreement addresses the priority of the secured party's interest. The concept of "first in time, first in right" determines the order of priority among competing security interests. Different types of Sacramento California General Security Agreements include: 1. Real Estate Security Agreement: This agreement grants a security interest in real property, such as land or buildings, as collateral. It is often used in mortgage loans or real estate transactions. 2. Chattel Security Agreement: This agreement grants a security interest in movable personal property, excluding real estate. It encompasses assets like vehicles, machinery, equipment, inventory, or accounts receivable. 3. Floating Lien Agreement: This agreement grants a security interest in a changing pool of collateral, such as inventory or accounts receivable. It allows the debtor to use, sell, or replenish the collateral while continuously securing the secured party's interest. In conclusion, a Sacramento California General Security Agreement is a crucial legal instrument that establishes a secured party's interest in personal property as collateral for debt repayment. Through various types of agreements, it ensures the protection of the secured party's rights and promotes transparency, clarity, and efficiency in financial transactions.