This Security Agreement is to be used where one party owes an unsecured debt to a creditor, who wishes to secure the debt against property of the debtor. This may be of particular use where the debtor wishes to prevent the immediate collection of a debt.
This agreement includes terms specifying where the security property will be kept, placing an obligation on the debtor to ensure that it is insured and creating a right for the creditor to inspect the security property.
This Security Agreement contains the following clauses:
1. Grant of Security
2. Obligations of the Debtor
This agreement is in open format. Either enter the requisite details in the highlighted fields or adjust the wording to suit your purposes.
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