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_____________________, referred to as OWNER, and ______________________, referred to as SECURED PARTY, agree:
OWNER is indebted to SECURED PARTY pursuant to a note dated, _______________________, in the original principal amount of $_________ (___________________________ & _____/100 dollars); with a present total interest and principal balance of $_______ (___________________________ & _____/100 dollars), and a security agreement dated ______________________ and has pledged as security for the note the following:
________________________________________________________________
The DEBTOR has requested that SECURED PARTY release ___________________________________ as collateral for the obligation, but, that ________________________________ be pledged as new collateral for the obligation. Accordingly, SECURED PARTY releases ____________________________________ as collateral for the obligation, and upon request of the DEBTOR shall execute such releases, UCC financing statement releases or other documents reasonably requested by the DEBTOR.
In all respects ________________________________ shall be subject to the terms and conditions of the security agreement between the parties dated ______________________. All other terms and conditions of the note and security agreement shall remain in full force and effect.
Dated: ______________________
___________________________________________
_____________________, OWNER
___________________________________________
______________________, SECURED PARTY
Substitution of Collateral and Release ConsentReview List
This review list is provided to inform you about this document in question and assist you in its preparation. This substitution of collateral document is a standard form to replace collateral due to a need by the debtor to sell the collateral.
1. Make multiple copies. Give one copy to each party. Keep copies in the related files.
What else can I help you with?
Can a bank refuse to release collateral if they have excessive collateral?
They can refuse if the loan outstanding is much more than the collateral provided. Ex: If you have a loan outstanding of 100,000$ and you have provided a collateral of 50,000$ you cannot expect the bank to release any collateral. Lets say your outstanding is only $30,000 then you can expect the bank to release a certain portion of the collateral atleast $20,000
What are the release dates for Substitution - 1970?
Substitution - 1970 was released on: USA: October 1970
What are the release dates for Unlucky Substitution - 1907?
Unlucky Substitution - 1907 was released on: USA: September 1907
What are the release dates for Collateral - 2007?
Collateral - 2007 was released on: USA: 10 September 2007 (LA International Festival of Shorts)
What are the release dates for Collateral Murder - 2010?
Collateral Murder - 2010 was released on: USA: 5 April 2010 (Washington, D.C. National Press Club)
Is it possible to a place lien on someone's home with their consent as collateral for a personal loan?
Yes. It is a relative simple and inexpensive legal process that can be done without an attorney.
Can a beneficiary of a living trust pledge interest as collateral?
Unless the Trust was created after the age of concent by mutual consent, it would have been pledged by your parents/informants
What are the release dates for Millennium - 1996 I Collateral Damage 3-11?
Millennium - 1996 I Collateral Damage 3-11 was released on: USA: 22 January 1999
What are the release dates for The Pretender - 1996 Collateral Damage 2-7?
The Pretender - 1996 Collateral Damage 2-7 was released on: USA: 3 January 1998
What are the release dates for Sheena - 2000 Collateral Damage 2-4?
Sheena - 2000 Collateral Damage 2-4 was released on: USA: 27 October 2001
What are the release dates for Release Consent - 2013?
Release Consent - 2013 was released on: USA: 30 January 2013 (New York City, New York)
What are the release dates for HBO First Look - 1992 Collateral 11-17?
HBO First Look - 1992 Collateral 11-17 was released on: USA: August 2004
