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What is another word for a mortgage lender?
Mortgagee. Secured party.
In Ohio if you are a co-signer on an auto loan and many payments are late does the bank legally have to notify you when payments are late?
They would only notify the 1st party and not the co-signer. § 1309.607. (UCC 9-607) Collection and enforcement by secured party. (A) If so agreed, and in any event after default, a secured party: (1) May notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party; Notice the word 'MAY'???
What happens when two secured parties claim security interests in the same collateral?
When there are two secured parties claiming security interest in the same collateral, the creditor that is perfected (having filed a financing statement) will have priority over the interests of an unsecured creditor or unperfected secured party
What is a secured loan?
what is a secured loan
How does a secured loan differ from an unsecured loan?
A secured loan is a loan that some monetary interest (money or property of value) attached to the loan to insure its repayment. If the loan is not repaid, the monetary interest becomes the property of the loaning party. A unsecured loan does not have a monetary interest attachment.
What is a deposit account control agreement?
Its an agreement generally used to perfect a security interest on a depository account maintained at a bank, where the owner of the account becomes a debtor to a third party (Secured Party), and gives them authority to have disposition over the account. The owner of the account will have no saying on the account, the Secured Party will provide instructions as to what to do with the funds, and the bank or depository financial institution control the funds and acknowledges that they will only follow instructions of the secured party. The documents will be signed by the Secured Party, the depository entity (Bank) and the owner of the account, (Debtor to the Secured Party).
If in a secured transaction the original debtor transfers debt to new debtor does the secured party retain PMSI?
Yes.
What is another word for a mortgage lender?
Mortgagee. Secured party.
What is a secured party creditior?
A creditor is a person or organization to whom one owes money. A secured party creditor is one who has a lien on tangible property, such as a car or house, until the money is paid back.
Does the lender by law have to notify a co-signer that the buyer is behind on payments in New York state?
Does the co-sugnor meet these requirements??? http://assembly.state.ny.us/leg/?cl=122&a=72 Section 9--605. Unknown Debtor or Secondary Obligor. A secured party does not owe a duty based on its status as secured party: (a) to a person that is a debtor or obligor, unless the secured party knows: (1) that the person is a debtor or obligor; (2) the identity of the person; and (3) how to communicate with the person; or (b) to a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows: (1) that the person is a debtor; and (2) the identity of the person.
What is the Repo law in Connecticut?
http://www.cga.ct.gov/2003/pub/Title42a.htm Sec. 42a-9-609. Secured party's right to take possession after default. Use of electronic self-help restricted. (a) After default, a secured party: (1) May take possession of the collateral; (2) Without removal, may render equipment unusable and dispose of collateral on a debtor's premises under section 42a-9-610. (b) A secured party may proceed under subsection (a): (1) Pursuant to judicial process; or (2) Without judicial process, if it proceeds without breach of the peace. (c) If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party which is reasonably convenient to both parties.
Will filing a UCC 1 as a secured party guarantee a win in a child custody battle?
Being a secured creditor will have absolutely no impact on a child custody case.
Which party did Hitler belong to before becoming dictactor of Germany?
The Nazi party
Security Agreement?
Security Agreement(Download)_____________________, referred to herein as SECURED PARTY, and _____________________, referred to as DEBTOR, agree:______________, DEBTOR, grants a security interest in the following property to ____________, SECURED PARTY:This security agreement is made to secure an indebtedness of ______________ to _______________, described as follows:A _______________, in the original principal amount of $ ______, ____________ &___/100 Dollars) dated _______________.This security interest is also given to secure any other debts which may be owed by ______________ to ____________ from time to time.DEBTOR warrants to SECURED PARTY that the property in which a security interest is granted is subject to no other liens, charges or encumbrances and that there are no financing statements or other lien notices on file regarding debtor that might create a lien on the property secured herein.DEBTOR shall maintain the collateral in good repair, ordinary wear and tear excepted, and shall insure the same for its full value. DEBTOR shall provide to secured party certificates of insurance. SECURED PARTY shall be named as a loss payee on a long form standard loss payable clause. Should DEBTOR fail to maintain such coverage, SECURED PARTY may obtain the same and DEBTOR shall pay SECURED PARTY for the same, together with interest at the highest legal rate on the amounts advanced by the SECURED PARTY.Upon default, as is defined herein, SECURED PARTY shall have all of the rights given to a secured party under the Uniform Commercial Code, Article 9.Default shall be defined as:1. Any failure to comply with any covenant of the indebtedness secured by this agreement, including but not limited to a failure to timely pay as provided;2. The entry of a judgment, tax lien or other charge against the DEBTOR which is not satisfied or superseded within thirty days of inception;3. Such other commercially reasonably reason that leads SECURED PARTY to believe that its security is in peril.DEBTOR shall execute any and all financing statements or other documents which are requested by SECURED PARTY and which SECURED PARTY determines is necessary to perfect SECURED PARTYS LIEN.DEBTOR appoints SECURED PARTY agent as its agent to file and any and all financing statements which may be necessary or required to perfect SECURED PARTYs security interest, and DEBTOR authorizes SECURED PARTY to execute the same for DEBTOR.This document represents the entire agreement between the parties, and there are no agreements or representations which are not stated herein. This agreement may not be modified unless it is in writing and signed by both parties.Dated: ________________________For ____________, SECURED PARTY:________________________________________________________________For ______________, DEBTOR:________________________________________________________________Security AgreementReview ListThis review list is provided to inform you about this document in question and assist you in its preparation. This is a straightforward security agreement to provide a creditor with collateral to secure the loan to debtor.1. Make multiple copies. Each signatory should receive a copy. Be sure a copy is in the file of the actual transaction.
How do you use the word becoming in sentence?
His attitude was becoming increasingly hostile so I left the party.
In Ohio if you are a co-signer on an auto loan and many payments are late does the bank legally have to notify you when payments are late?
They would only notify the 1st party and not the co-signer. § 1309.607. (UCC 9-607) Collection and enforcement by secured party. (A) If so agreed, and in any event after default, a secured party: (1) May notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party; Notice the word 'MAY'???
What is the Georgia code 11-9-503?
1-15 Unless otherwise agreed a secured party has on default the 1-16 right to take possession of the collateral. In taking 1-17 possession a secured party may proceed without judicial 1-18 process if this can be done without breach of the peace 1-19 and without violating any state or federal law or may 1-20 proceed by action. If the security agreement so provides 1-21 the secured party may require the debtor to assemble the 1-22 collateral and make it available to the secured party at a 1-23 place to be designated by the secured party which is 1-24 reasonably convenient to both parties. Without removal a 1-25 secured party may render equipment unusable, and may 1-26 dispose of collateral on the debtor's premises under Code 1-27 Section 11-9-504."
