Wisconsin General Business Security Agreement Form

We offer thousands of secure transaction forms. Some of the proposed forms are listed by area below. For others, please use our search engine. The Unified Commercial Code is a model law that covers transactions in areas such as the sale of goods, loans, banking, management, guarantees, negotiable instruments, loans secured by personal property and other business matters. Article 9 of the Unified Commercial Code covers most types of security rights for personal property that are both consensual and commercial. All states have adopted and adapted the entire UCC, with the exception of Louisiana, which has adopted only part of it. The general principles of contract law also apply. A secured transaction is created by a collateral arrangement in which a lender (the secured party) can take possession of certain collateral in the borrower`s possession if it defaults on the loan. By creating a security right, the secured party is also assured that if the debtor were to go bankrupt, it might be able to recover the value of the loan by taking possession of the specified collateral, rather than receiving only a portion of the borrower`s assets after they have been distributed among all creditors. The guarantee is the asset that secures the debt and can be confiscated from the creditor if the debtor does not pay the debt. Goods of all kinds can serve as collateral, such as houses, cars, jewelry, shares of a company, inventory, receivables, etc. .