The security agreement defines the different rights that the donor will have with respect to guarantees that, in addition to all other rights that the lender may have by law, such as the rights of Article 9 of the Single Code of Commerce, which has been adopted in one way or another by each state in the United States. The security agreement also covers issues such as authorized sales or other transactions relating to the donor`s guarantees in due form, as well as the communications that the recipient must provide to the donor when certain measures are taken. There are many forms of purchase of supply companies and legal bankers, in addition to software that will create a security agreement after certain user entries. Both the borrower and the lender must sign the general security agreement. In addition, the creditor may require an individual or corporation Corporation Corporation a corporation incorporated by individuals, shareholders or shareholders for the purpose of making a profit. Companies can enter into contracts, take legal action and be sued, hold assets, transfer federal and regional taxes and borrow money from financial institutions. (z.B. insurance company) as guarantor. A guarantor is a person or organization that promises to repay a loan if the borrower is unable to process it. Subsequently, all security agreements must be registered in the Register of Personnel Title Titles (PPSR). The security agreement should also specify a repayment plan. Pending the completion of the repayment, the guarantee agreement grants the lender a security interest. The main exception of the priority rule is the personal interest of monetary security (PMSI), in which a supplier of goods or equipment pays a guarantee on goods delivered (but not yet paid).
For example, a lease from a refrigerator or a loan from a financial company secured by a motor vehicle (a serial number with the number number well). A PMSI creditor is a “super” priority for the recovery of its unpaid assets and/or equipment. In order for a security interest to be attached to the security held by subsequent buyers, it must be perfected. If the security contract for a security purchase is of interest to consumer products, perfection is automatic. Otherwise, the lender must register either the agreement itself or a UCC-1 funding declaration in an appropriate public place (usually the Secretary of State or a public enterprise commission under that person`s control). The enhancement of interest creates constructive communication, considered legally sufficient to inform the rest of the world of the lender`s rights over guarantees. When a borrower has used the same property as the guarantees for several guarantee agreements with different lenders, the first lender to register the interest is most entitled to that property.