An agreement between the secured party and the debtor that creates a?security interest in personal property. It replaced such terms as chattel mortgage, pledge, trust receipt, chattel trust, equipment trust, conditional sale, and inventory lien. Back to the Top
Agreement between lender and borrower creating a security interest in property pledged or hypothecated.
An agreement whereby assets of a buyer, or borrower, are pledged as security for a loan or extension of credit.
An agreement between the secured party and the debtor which creates a security interest. (Also see U.C.C.'s)
an agreement between a debtor and a secured party that creates or provides for a security interest
an "agreement which creates or provides for a security interest
An agreement by which a person, usually a lender or seller, takes a security interest in personal property as collateral for a debt. (Examples: agreements in the nature of chattel mortgages or conditional sales contracts.)
Agreement that creates or provides for a security interest - eg, secured loan agreements or hire purchase agreements.
A legal instrument signed by a debtor granting a security interest to a lender in specified personal property pledged as collateral to secure a loan.
An agreement that creates or provides for a security interest under the Uniform Commercial Code.
The agreement between a secured party and a debtor, providing for asset based financial services and creating a security interest. Many security agreements have identifying captions (e.g., accounts receivable financing contract, inventory loan agreement, trust receipt contract, pledge, equipment lease, etc.). The UCC lumps all of these under the category of security agreement.
A written document which creates or provides for a security interest.
The legal document that you sign to pledge your firm's interest as collateral for a loan.
An instrument identifying the terms and conditions by which one pledges security to another.
A contract between a lender and borrower that states that the lender can repossess the property a person has offered as collateral if the loan is not paid as agreed.
An agreement between a borrower and lender in which the borrower grants the lender an interest in some piece of the borrower's personal property as collateral for the loan.
See Note & Security Agreement.
Document now used in place of a Chattel Mortgage as evidence of a Lien on Personal Property., A financing Statement may be recorded to give Constructive Notice of the Security Agreement.
Security interests in chattels (personal property) are created by an instrument known as a security agreement. To give notice of a security interest, a financing statement must be recorded.
A verbal or written agreement between a secured party and a debtor giving the secured party a security interest in personal property. In some cases a written agreement is not necessary if the secured party is in possession of the collateral.
means a contract under which you agree to give security as collateral for a loan in the event that the loan is not repaid
Legal contract in which the lender controls the pledged property being financed. This agreement describes the property and its location. In the event of default, the lender may sell the collateral.
See Uniform Commercial Code
A security document which creates a lien upon chattels, including chattels intended to be affixed to land as fixtures; known as a chattel mortgage prior to the adoption of the Uniform Commercial Code.
An agreement established between the secured party and the debtor, which creates the security interest.
A Security Agreement is a document used in financial transactions where the Grantor (typically the Borrower but can also be a Guarantor or Surety) assigns, grants and pledges to the Grantee (typically the Lender) a security interest in personal property which is referred to as the Collateral. Examples of typical collateral are shares of stock, livestock, and vehicles. A Security Agreement is required to show the grant of the Security Interest which is required to attach before the Grantee may file a valid Financing Statement with the appropriate authority.
A security agreement is the contract that governs the relationship between the parties to a secured transaction (ie, the lender and the borrower). Under Article 9 of the Uniform Commercial Code (UCC), which governs secured transactions in the US, a security agreement may be oral if the secured party (lender) has possession of the collateral. A written security agreement needs a description of the collateral, must be authenticated by the borrower (ie, signed), and must use words showing an intent to create a security interest (the right to seek repayment of the loan by foreclosing on the collateral).