Suffolk New York General Security Agreement granting secured party secured interest

• Category: Corporations - Public - Security
• State: Multi-State
• County: Suffolk
• 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 Suffolk New York General Security Agreement is a legal document that grants a secured party a secured interest in certain collateral or assets to secure a debt or obligation. This agreement is actively used within the jurisdiction of Suffolk County, New York, to safeguard the interests of the parties involved in a financial transaction. It provides a legal framework for creditors, lenders, or other secured parties to protect their rights and ensure repayment or performance. In a Suffolk New York General Security Agreement, the secured party — typically a lendecreditto— - is referred to as the secured party, while the party obtaining the loan or credit is referred to as the debtor. The agreement outlines the terms and conditions under which the secured party can claim ownership or sell the collateral in the event of default or non-payment. The General Security Agreement in Suffolk County includes pertinent information such as the names and contact details of the secured party and debtor, a detailed description of the collateral, and the obligations or debts the agreement secures. The collateral can include a variety of assets, such as real estate, machinery, vehicles, accounts receivable, inventory, or any other property recognized as valuable. This type of agreement provides various rights and remedies for the secured party in case of default, including the ability to take possession of the collateral, sell it to recover the owed amount, or sue the debtor for the balance. It also specifies the responsibilities of both parties, such as insurance requirements for the collateral and obligations to maintain or protect it. Different types of Suffolk New York General Security Agreements granting secured party secured interest can vary depending on the specific industry or purpose. For instance, in the context of a mortgage, a Mortgage Security Agreement may be used to secure a loan by granting the lender a security interest in the property. A Chattel Security Agreement, on the other hand, may be utilized when securing a loan with movable property like equipment or inventory. In conclusion, a Suffolk New York General Security Agreement is a critical legal document that safeguards the interests of secured parties by granting them secured interest in collateral for the purpose of securing debts or obligations. It establishes the rights and responsibilities of both the secured party and debtor, while providing a legal framework for the enforcement of these rights if necessary.

A Suffolk New York General Security Agreement is a legal document that grants a secured party a secured interest in certain collateral or assets to secure a debt or obligation. This agreement is actively used within the jurisdiction of Suffolk County, New York, to safeguard the interests of the parties involved in a financial transaction. It provides a legal framework for creditors, lenders, or other secured parties to protect their rights and ensure repayment or performance. In a Suffolk New York General Security Agreement, the secured party — typically a lendecreditto— - is referred to as the secured party, while the party obtaining the loan or credit is referred to as the debtor. The agreement outlines the terms and conditions under which the secured party can claim ownership or sell the collateral in the event of default or non-payment. The General Security Agreement in Suffolk County includes pertinent information such as the names and contact details of the secured party and debtor, a detailed description of the collateral, and the obligations or debts the agreement secures. The collateral can include a variety of assets, such as real estate, machinery, vehicles, accounts receivable, inventory, or any other property recognized as valuable. This type of agreement provides various rights and remedies for the secured party in case of default, including the ability to take possession of the collateral, sell it to recover the owed amount, or sue the debtor for the balance. It also specifies the responsibilities of both parties, such as insurance requirements for the collateral and obligations to maintain or protect it. Different types of Suffolk New York General Security Agreements granting secured party secured interest can vary depending on the specific industry or purpose. For instance, in the context of a mortgage, a Mortgage Security Agreement may be used to secure a loan by granting the lender a security interest in the property. A Chattel Security Agreement, on the other hand, may be utilized when securing a loan with movable property like equipment or inventory. In conclusion, a Suffolk New York General Security Agreement is a critical legal document that safeguards the interests of secured parties by granting them secured interest in collateral for the purpose of securing debts or obligations. It establishes the rights and responsibilities of both the secured party and debtor, while providing a legal framework for the enforcement of these rights if necessary.