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Purchase Security Agreement for the United States

Purchase Security Agreement Template for United States

A Purchase Security Agreement is a legal document used in the United States that creates a security interest in specific property to secure payment or performance of an obligation. Governed by Article 9 of the Uniform Commercial Code (UCC), this agreement gives the secured party certain rights over the collateral, including the right to repossess it in case of default. The agreement must comply with both federal and state-specific regulations, particularly regarding creation, perfection, and priority of security interests.

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What is a Purchase Security Agreement?

A Purchase Security Agreement is essential when a party wants to secure their interest in property being sold or financed. This document, commonly used in the United States, creates a legally enforceable security interest in specified collateral, protecting the secured party's rights in case of default. The agreement must comply with UCC Article 9 requirements and includes detailed descriptions of the collateral, obligations secured, default provisions, and remedies. It's particularly important in commercial transactions, asset-based lending, and retail financing where the seller or lender wants to maintain a security interest until full payment is received.

What sections should be included in a Purchase Security Agreement?

1. Parties: Identification of secured party and debtor

2. Background: Context of the security agreement and underlying transaction

3. Definitions: Key terms used throughout the agreement including UCC-specific terminology

4. Grant of Security Interest: Formal creation of security interest in collateral

5. Description of Collateral: Detailed description of assets serving as security

6. Obligations Secured: Description of debts or obligations being secured

7. Representations and Warranties: Statements about ownership and condition of collateral

8. Default Provisions: Events constituting default and remedies

What sections are optional to include in a Purchase Security Agreement?

1. Insurance Requirements: Requirements for insuring collateral - used when collateral requires insurance protection

2. After-Acquired Property: Provisions for future-acquired collateral - used when security interest extends to future property

3. Cross-Collateralization: Provisions securing multiple obligations - used when multiple debts are secured by same collateral

What schedules should be included in a Purchase Security Agreement?

1. Schedule A - Collateral Description: Detailed inventory or description of secured assets

2. Schedule B - Permitted Liens: List of pre-existing or permitted encumbrances

3. Schedule C - Filing Locations: List of jurisdictions where financing statements must be filed

4. Exhibit A - Form of Financing Statement: Template UCC-1 financing statement

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

United States

Document Type

Security Agreement

Cost

Free to use
Clauses

























Industries

Uniform Commercial Code (UCC) Article 9: Primary legislation governing secured transactions in the US, including rules for creation, perfection, and priority of security interests, along with requirements for security agreement validity and filing requirements

FTC Regulations: Federal Trade Commission regulations governing fair trade practices and consumer protection in secured transactions

Truth in Lending Act: Federal law requiring disclosure of consumer credit terms and applying to certain secured transactions involving consumer goods

Federal Bankruptcy Laws: Laws affecting the treatment and priority of security interests in bankruptcy proceedings

State UCC Variations: State-specific modifications and implementations of the Uniform Commercial Code that may affect security agreements

State Consumer Protection Laws: State-level regulations protecting consumer interests in secured transactions

State Recording Requirements: State-specific rules for recording and filing security interests and related documentation

Securities Laws: Federal and state regulations governing security interests in securities and financial instruments

Property Laws: Laws governing real and personal property rights and their interaction with security interests

Lien Laws: Regulations governing the creation, priority, and enforcement of liens in secured transactions

Foreclosure and Repossession Laws: Legal framework governing the enforcement of security interests through foreclosure or repossession of collateral

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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