Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

security agreement

Read a random definition: dividend addition

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

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
sadperson4324
15:59
the magician is right
person4324
16:00
thank you
16:00
WOOOOOOOOOOOOOOOOOOOOOO
16:00
aweee what a good day this is
Applesaucer
16:00
WOOOOOOHOOOOOOOO
I’m out here healing ppl
fo pm miracle
16:29
fo p em
16:29
guys if I never chat again it is bc tornado got me
16:56
NOOO
is anyone else addicted to the uva law youtube videos
i think i just got into marquette law
late fo pm miracle?
this is crazy LMAO?
loyola why couldn't it be you
17:16
@badhorrormovie: !!! COngratzz
THANK u!!!!!!!!!
honestly considering just saying eff this cycle, retaking the lsat, switching jobs for a year and reapplying for 2026 start
back on linkedin premium wowza
i like the linkedin premium classes
taught myself excel on those
i gotta try those
haven't been making the most of my membership
anyone still waiting to hear back from bc today?
@badhorrormovie: congrats holy fuck!
NosyBeagle
18:19
@badhorrormovie: I knew you could do it! Good job!
18:50
unfortunately for chat, the tornado was unsuccessful in displaying me from this earth
19:56
damn
19:56
better luck next time
skill issue
LSD+ is ad-free, with DMs, discounts, case briefs & more.