When Do You Need A Security Agreement

While the three requirements described above represent the information that must be included for an appropriate security agreement, they may not represent the information that should be included. An applicant may wish to include a clause explicitly stating that a UCC funding statement may be submitted in relation to the guarantee described. This clause allows the UCC privilege to be continued (perfected) without receiving an additional signature from the debtor. Other information to be included in the document should be weighed against information or restrictions that the creditor deems necessary or preferable and the fear that the debtor may find the language too deterrent to not agree to grant the security right at all.

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