Asked by Allie Spolsdoff on Jun 21, 2024
Verified
A description of the collateral does not need to be included in a security agreement.
Security Agreement
A legal document that provides a lender a security interest in a specific asset or property pledged as collateral for a loan.
Collateral
Assets pledged by a borrower to secure a loan or credit, which can be seized by the lender if the borrower defaults.
- Ascertain the prerequisites for an enforceable security agreement under the UCC guidelines.
Verified Answer
VJ
Virginia JeffriesJun 24, 2024
Final Answer :
False
Explanation :
A description of the collateral must be included in a security agreement to adequately notify interested parties of the specific collateral subject to the security interest.
Learning Objectives
- Ascertain the prerequisites for an enforceable security agreement under the UCC guidelines.
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