The Chattel Mortgage Security Agreement is essential when financing the purchase of movable assets or using existing movable property as collateral for a loan. This document type is commonly used across the United States and is governed by both federal and state laws, particularly Article 9 of the UCC. It serves to protect the lender's interests by establishing a security interest in the chattel while allowing the borrower to maintain possession and use of the property. The agreement includes detailed descriptions of the collateral, loan terms, payment schedules, and default provisions, making it a crucial tool in secured lending transactions.
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1. Parties: Identification of lender (secured party) and borrower (debtor)
2. Background: Context of the loan and security arrangement
3. Definitions: Key terms used throughout the agreement including UCC-specific terminology
4. Grant of Security Interest: Formal creation of security interest in the chattel
5. Description of Collateral: Detailed description of the chattel serving as collateral
6. Payment Terms: Loan amount, interest rate, payment schedule
7. Representations and Warranties: Borrower's assertions about ownership and condition of collateral
8. Default Provisions: Definition of default events and remedies
9. Governing Law: Applicable jurisdiction and choice of law
1. Insurance Requirements: Required insurance coverage for collateral - used when collateral value justifies insurance protection
2. Cross-Collateralization: Provisions extending security interest to other obligations - used when multiple loans exist between parties
3. Assignment Rights: Rights to assign the agreement - used when assignment might be contemplated
1. Schedule A - Collateral Description: Detailed technical specifications of chattel
2. Schedule B - Payment Schedule: Amortization schedule with payment dates and amounts
3. Schedule C - Insurance Requirements: Specific insurance requirements and minimum coverage
4. UCC-1 Financing Statement: Form for perfecting security interest
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