Overview

Contracts

Security Agreement

April 12, 2024

Security Agreement

This type of contract can be achieved between an owner and a borrower and works as a secure agreement that can be used when an individual lands a loan and waives the ownership right for their collateral in the event of a loan default. 

When drafting a security agreement, you need to pay attention to the following takeaways:

  • A security agreement can be understood as a legal document granting a lender a security interest in a specific asset or property offered as collateral.
  • A security agreement often includes clauses that specify the criteria for found payment or repayment schedules. 

Subjects

Security Agreement
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