Security Agreement in a Deposit Account granted by a Debtor to a Creditor to secure Payment of a Debt.
Details:
Security Agreement in a Deposit Account granted by a Debtor to a Creditor to secure Payment of a Debt.
Form Outline:
Security Agreement Over Deposit Account
THIS AGREEMENT made as...
WHEREAS the Debtor has agreed to... ;
NOW THEREFORE THIS AGREEMENT WITNESSES that... as follows:
1. Security Interest.
2. Representations, Warranties and Covenants of Debtor. :
(a) the Debtor has the power and authority to... ;
(b) the Debtor shall defend the Deposit Account... ;
3. Default and Remedies.
(a) the Debtor fails to pay to the Secured Party...;
(b) the Debtor fails to... ;
(c) any representation or warranty made by... ;
(d) the Debtor shall become insolventor...; or
(e) the Deposit Account or any part thereof is seized or... :
(i) the Secured Party may take possession...;
(ii) the Secured Party may enforce...;
(iii) the Secured Party may retain...
4. Benefit of the Agreement.
5. Entire Agreement.
6. No Waiver.
7. Severability.
8. Modification; Assignment.
9. Additional Continuing Security.
10. Headings.
11. Executed Copy.
IN WITNESS WHEREOF the parties have executed this Agreement as of the date first above written.
Borrowing & Lending Forms
