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LOAN SECURITY AGREEMENT
Loan security agreement to establish and secure lender's interest until fulfillment of loan obligations. A security agreement is supplemental to a promissory note or other documents that evidence the loan. For collateralized loans, the security agreement is the legal document used to assemble, repossess, foreclose on, appoint a receiver for or collect revenues from the collateral. This agreement is presently used by banks to secure loans.
We provide two (2) types of security agreements:
- Equipment
/ Tangible Property: Shorter comprehensive agreement for collateral such as
vehicles, jewelry and equipment of any type, the value of which is
self-contained.
- All Collateral: this fully encompassing security agreement is used by banks to secure all types of loans including business loans, real estate mortgages, chattel paper, loans against future earnings, chattel paper, etc. This agreement can be used for all collateral including Equipment / Tangible Property.
Promissory Notes: Use the appropriate promissory note to evidence the loan. The collateral secured by the security agreement will be referenced within the promissory note. All promissory notes accommodate secured and unsecured transactions by simply choosing the appropriate option.
- General Promissory Note: general promissory note form. Fill in payment terms.
- Installment Promissory Note: Loan agreement that requires equal monthly payments from borrower.
- Demand Loan Note: Loan agreement requiring full payment upon demand from lender.
- Promissory Note - Demand With Interest Payments: Calls for borrower to pay interest on promissory note monthly. Principal is payable upon demand.
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