Purchase Security Agreement Generator for United States

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Key Requirements PROMPT example:

Purchase Security Agreement

"I need a Purchase Security Agreement to secure a $500,000 machinery purchase for our manufacturing facility, where we'll retain a security interest in the equipment until the final payment is made in March 2025."

Document background

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.

Suggested Sections

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

Optional Sections

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

Suggested Schedules

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) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Financial Services
Retail
Manufacturing
Automotive
Real Estate

Relevant Teams

Finance
Legal
Credit
Risk Management
Operations

Relevant Roles

Chief Financial Officer
Credit Manager
Commercial Loan Officer
Risk Manager
In-House Counsel

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Let's create your Purchase Security Agreement

Authors

Alex Denne

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