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Security Agreement

Contract--Business--Security Agreement

Security Agreement to secure performance of promissory note with interest in tangible property.

Created: Nov 16, 2024 by AllDrafts staff  •  Updated: Jan 23, 2025 by AllDrafts staff

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This Security Agreement Template is designed to establish a security interest in tangible property in connection with a loan evidenced by a promissory note:

  • Grant of Security Interest: Details secured property, including tangible assets and inventory.
  • Promissory Note Security: Outlines terms for securing a promissory note.
  • Financing Statement: Specifies UCC filing requirements to protect the lender's interest.
  • Use and Care of Secured Property: Covers obligations for maintenance, insurance, and restrictions on transfer.
  • Default and Remedies: Defines default conditions and lender's rights, including property removal and sale.
  • Legal Provisions: Governing law, modification terms, successors, and severability clauses.

This adaptable template can be tailored to comply with the specific laws of your state, ensuring precision and legal compliance for secure transactions.

This is not legal advice, and is not intended for use by consumers. This template is offered to licensed AllDrafts users as a resource for lawyers who are responsible for adapting this draft to their client's specific needs and circumstances and ensuring compliance with applicable laws.

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