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If in a secured transaction the original debtor transfers debt to new debtor does the secured party retain PMSI?
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∙ 15y ago
Yes.
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∙ 15y ago
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Pledge of Royalties?
Pledge of Royalties(Download)_____________________, referred to as DEBTOR, and _____________________, referred to as SECURED PARTY, agree:DEBTOR is indebted to SECURED PARTY in the sum of $______ (___________________________ & _____/100 dollars) pursuant to a promissory note dated _____________________; and in consideration of said note, and as security for the payment of said indebtedness, the DEBTOR hereby assigns, transfers to and pledges, any and all royalties and other compensation due from ______________________ to the DEBTOR.The DEBTOR warrants and represents with respect to such royalties:1. That the DEBTOR is the absolute owner of the right to receive such royalties.2. That the royalties are not subject to any prior, assignment, claim, lien or security interest.3. The DEBTOR will not make any further assignment of the collateral or create any further security herein, nor to permit his right therein to be reached by attachment, levy, garnishment or other judicial process.4. That the payer of the royalties is not in default under its obligations to pay the same.5. That the DEBTOR is in compliance with all of his obligations under the contract with the payer.In the event that the payer has the right to charge the account of the DEBTOR for failure to perform under the agreement, the DEBTOR shall promptly perform all of such contractual obligations.Upon the request of the SECURED PARTY, the DEBTOR shall, at the expense of the SECURED PARTY, audit the books and records of the payer to ascertain the proper payment of the royalties. In the event that the audit results in the recovery of funds, the recovery shall first be applied to the expenses, and the surplus, if any, to the debt.Upon the request of the SECURED PARTY, the DEBTOR shall direct the payer to pay all royalties directly to the SECURED PARTY.DEBTOR herewith constitutes the SECURED PARTY as his lawful attorney to demand payment of the royalties, as well as bring any actions to secure payment of the royalties, or any other rights of the DEBTOR under the contract. DEBTOR shall fully and completely cooperate with the SECURED PARTY in such actions.Should DEBTOR breach any of the warranties or obligations of this agreement the same shall be considered to be a breach of the underlying debt and shall entitled SECURED PARTY to accelerate payment of the debt.The collateral pledged herein shall secure any and all obligations of the DEBTOR to the SECURED PARTY.Dated: ______________________________________________________________________________________, DEBTOR________________________________________________________________, SECURED PARTYPledge of RoyaltiesReview ListThis review list is provided to inform you about this document in question and assist you in its preparation. Royalty receivers rarely realize how valuable a pledge can be to secure funding. Many such deals have been done and you to can do one, on either side of the transaction. Since payments come from a third party, it is relatively straightforward to perfect the interests in the favor of the Secured Party.1. Make multiple copies. Give one to each signatory. Keep one in the transaction file.2. You can also modify the above agreement to provide for the royalty payer to pay the royalties directly to the Secured Party until all obligations are extinguished. In that case, the Royalty Payer should be included in the Agreement and as a signatory.
What is Statement of intention in chapter 7?
A document filed to disclose which secured debts the debtor intends to reaffirm. The debtor typically reaffirms debts secured by collateral he wants to keep. When a debtor reaffirms a debt, it is excepted from the discharge. The debtor can be sued on the debt if he fails to pay it, even after the discharge is entered.
What is a deed of assignment?
A deed of assignment transfers real estate from a debtor to a creditor.
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.
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.
When a debtor enters bankruptcy a secured creator retains priority to the secured assets unless it files a proof of claim for the full amount owed?
Actually, a secured creditor only retains priority if they file a claim.
What does hindering a secured creditor mean?
Hindering a secured creditor means hiding or concealing property that is theirs. It can also mean not releasing information about a debtor that you would know.
Why is it easier to get a secured loan?
A secured loan is one in which the debtor pledges some tangible item of value, such as a motor vehicle or real estate, as "security" for the loan - i.e., the creditor may take possession of that item if the debtor defaults on the payments. This makes the loan safer for the creditor and, therefore, easier to get.
Debtor Request for Certified Statement from Secured Party?
Debtor Request for Certified Statement from Secured Party(Download)TO: ____________________________________________________________________________________________________________Attention: __________________FROM: __________________________________________________________________________________________________________Attention: __________________Dated: ___________________________Pursuant to Section 9-208 of the Uniform Security Code, ____________________, as debtor, requests that the Secured Party, __________________________, provide:A statement of account, indicating the aggregate amount of unpaid indebtedness as of _______________________. Approval of the following statement of collateral as constituting a correct statement of the collateral claimed by Secured Party as of ______________________.See Exhibit "1" to this form.The statement above is (check one):__ Accepted as correct__ Incorrect, our corrections or response are attached heretoDated: ____________________________________________________________, by:___________________________________________________An Authorized OfficerTitle: ____________________________________________________________________, by:__________________________________________________An Authorized OfficerTitle: _____________________________________Debtor Request for Certified Statement from Secured PartyReview ListThis review list is provided to inform you about this document in question and assist you in its preparation. This is request from a debtor to secured party to certify the exact amount then due from debtor. This is useful for a variety of reasons, among them for the benefits of your financial statements and your auditors, should you have them.1. Make multiple copies. Put one in your financial file, another in the secured partys file, and the other in a follow-up file.
What has the author Arnold B Cohen written?
Arnold B. Cohen has written: 'Guide to secured lending transactions' -- subject(s): Forms, Law and legislation, Loans, Security (Law) 'Bankruptcy, secured transactions, and other debtor-creditor matters' -- subject(s): Bankruptcy, Debtor and creditor, Security (Law) 'Debtor-creditor relations under the Bankruptcy Act of 1978' 'Teaching notes to accompany book 2 of Debtor-creditor relations under the Bankruptcy Act of 1978' -- subject(s): Cases, Debtor and creditor 'Bankruptcy, article 9, and creditors' remedies' -- subject(s): Bankruptcy, Cases, Debtor and creditor
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).
What are a secured partys rights on a debtors default?
The secured party's right after default includes taking possession of the collateral of the debt. If the collateral does not cover the full amount of the debt than a judgment can be placed on the debtor to get the remaining money.
