What type of documents are needed to ensure that money I loan to an investor is properly secured?
Full Question:
What type of documents are needed to ensure that money I loan to an investor is properly secured? I am being furnished by a security agreement that states: Persuant to article 9 of the Uniform Commercial Code. All property (collateral) which shall include all after acquired property of like nature and description and proceeds and products described below: All current and future assets of abc company inc. _all present and future accounts receivables, chattel paper, security agreements, documents, notes, drafts, instruments, general intangibles all of the forgoing including but not limited to all money, deposit amounts, goods, insurance proceeds
and other tangible and intangible property of the debtor resulting from the sale of disposition of the forgoing containing such books and records. The amount of loan will be approximately $2,000,000.
04/29/2009 |
Category: Debts and Credit |
State: ALL |
#16450
Answer:
To create a security interest, a person will typically sign a promissory note that contains a provision for a security interest in the specified collateral.
