Unformatted text preview: ss of acquiring, or has the power to transfer rights to a secured party. rights Security Agreement Security
s An agreement between debtor and An creditor creating a security interest: creditor must be in a record authenticated by must the debtor, unless, in the case of most types of collateral, the secured party has possession of the collateral, and has must contain a reasonable description must of. of. Sample Security Agreement Sample
SECURITY AGREEMENT August 22, 1996 Daniel Debtor of 113 Hillsborough Street, City of Raleigh, County of Wake, State of North Carolina, hereinafter called the “Debtor,” does hereby grant to S.P. & Assoc., Inc., of Raleigh, North Carolina, hereinafter called “S.P.,” its successors and assigns, a security interest in the following described property, hereinafter called the “Collateral,” to-wit: One (1) Deluxe Personal Computer Serial number VDL16794321 Manufacturer: Apex Mechanical Equipment Co. Model 420A to secure the payment of Debtor’s note or notes of even date herewith in th...
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