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Simple English definitions for legal terms

security agreement

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A quick definition of security agreement:

A security agreement is a contract that says if someone owes money or has a debt, they will give something valuable as a guarantee that they will pay it back. This valuable thing is called collateral. The agreement must say what the collateral is and be signed by the person who owes the money. The agreement may also have other important promises and guarantees.

A more thorough explanation:

A security agreement is a legal document that establishes an interest in a specific property, either real or personal, to ensure that an obligation is fulfilled. The agreement must include a security interest, a description of the collateral, and the debtor's signature. It may also contain other important covenants and warranties.

Example 1: John wants to borrow money from a bank to buy a car. The bank requires John to sign a security agreement that gives the bank a security interest in the car. If John fails to repay the loan, the bank can repossess the car to recover the money owed.

Example 2: Sarah wants to rent an apartment but has bad credit. The landlord requires Sarah to sign a security agreement that gives the landlord a security interest in Sarah's personal property, such as her furniture and electronics. If Sarah fails to pay rent, the landlord can seize her property to cover the unpaid rent.

These examples illustrate how a security agreement can be used to protect a lender or creditor's interests in case the borrower or debtor fails to fulfill their obligations. The agreement establishes a legal claim on the collateral, which can be used to recover the money owed or compensate for any losses incurred.

securitize | Security Council

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
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the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
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im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
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22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
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JumpySubsequentDolphin
22:39
@splitty Oregon!
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JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
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