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Security Agreement UCC Forms

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INSTALLMENT PURCHASE AND SECURITY AGREEMENT
WITHOUT WARRANTIES

1. PARTIES:

Seller:

Buyer:

2. HORSE(S) PURCHASED: The Seller hereby agrees to sell and the Buyer hereby agrees to buy, upon the terms and conditions set forth, the following described horse(s), hereinafter referred to as "the horse(s)."

3. PURCHASE PRICE: The total purchase price shall be payable according to the following terms:

Buyer shall maintain the purchased horse(s) in (city in the State of .

Registration papers shall be delivered to Buyer only upon full payment of all principal and interest due.

4. WARRANTY OF PEDIGREE AND REGISTRATION: Seller warrants the description stated above.

5. AS IS PURCHASE: Buyer accepts the horse(s) AS IS-WHERE IS and subject to any and all faults or defects that may now exist or subsequently appear. The express warranty of description above is exclusive of all others. ALL IMPLIED WARRANTIES OF FITNESS, MERCHANTABILITY AND OTHERWISE ARE EXCLUDED.

6. All parties signing as Buyer are jointly and severally liable for all obligations of this contract, as principals, not as guarantors.

7. PREPAYMENT PRIVILEGE: Buyer may prepay any portion of the unpaid principal balance at any time. Prepayments shall apply to the last principal installments falling due.

8. ACCEPTANCE, NOTICE OF CLAIMS AND LIMITATION OF REMEDIES: Buyer accepts the horse(s) by signing this contract, and risk of loss passes immediately. Buyer is responsible for all board, veterinary and transportation expenses after the date hereof. Buyer shall make no claim for any breach of this contract, for recission or revocation, nor for any warranty, misrepresentation, mistake or other tort, unless Buyer first notifies Seller in writing of the basis and nature of the claim within thirty (30) days of the date of this contract. Buyer's remedies in contract, tort or otherwise are limited to refund of all amounts paid, upon return of the horse(s) to Seller. ALL INCIDENTAL AND CONSEQUENTIAL DAMAGES ARE EXCLUDED to the full extent permitted by law.

9. BUYER'S WARRANTIES: Buyer shall provide adequate feed, shelter, worming, vaccinations, veterinary care and farrier care. Buyer shall keep the horse(s) free of all liens and encumbrances and pay all taxes levied with respect to the horse(s) when due. Buyer shall be responsible for all sales, transaction privilege and other taxes that may imposed as a result of this transaction. Buyer warrants that this purchase is for business or commercial purposes rather than for personal use. Buyer shall not remove the horse(s) from the County identified in Paragraph 1 above for longer than three (3) months unless Seller is given advance written notice of the new location.

10. INSURANCE AND INDEMNIFICATION: Buyer shall promptly obtain and maintain "full mortality" livestock insurance in an amount not less than any unpaid balance on this contract, naming Seller as additional loss payee to the extent of Seller's interest. Buyer shall provide Seller proof of such insurance, from a company acceptable to Seller, upon execution of this contract and upon each renewal. Buyer shall indemnify Seller against any claims arising out of this contract or related in any way to the horse(s), including the expenses of defending any such claim.

11. SECURITY INTEREST: To secure performance of all obligations of this contract, Buyer grants Seller a security interest in the horse(s) and all its offspring, produce and proceeds, including all foals born or in utero on or after the date hereof. Buyer shall execute such documents and perform such acts as may be required for Seller to perfect the security interest and insure its validity and enforceability, including but not limited to execution of UCC-1 Financing Statement. Seller is also authorized to file or record a photocopy of this contract as a financing statement.

12. BUYER'S DEFAULT AND CURE: Should Buyer default in the timely payment of any principal or interest, or fail to fulfill any other obligation of this contract, the entire unpaid balance shall, upon written notice to Buyer of late payment or other default, automatically become due and payable together with interest on all amounts due at the rate of eighteen percent (18%) per annum, or the highest legal rate, whichever is less, from the date of such default until paid. Buyer may cure the default and reinstate the installment payment schedule within thirty (30) days of the mailing of the first notice of late payment or other default. Time is of the essence.

13. SELLER'S REMEDIES ON DEFAULT: Upon any default by Buyer that is not timely cured following proper notice, Seller shall have all rights and remedies provided by law, cumulatively, successively or concurrently, including but not limited to the following. Seller may take possession of the horse(s) without further notice to Buyer and without legal process, to the extent permitted by law. Seller may require Buyer, and Buyer hereby agrees, to make the horse(s) available to Seller at the location of this sale or other place convenient to both parties. To protect the collateral, Seller may pay any taxes or liens levied on the horse(s) and may provide insurance, feed, shelter, conditioning, worming, vaccinations, veterinary care or farrier care on Buyer's behalf and add such costs and expenses to the principal amount due under this contract. Seller may resell by public or private sale; if by private sale, Seller's customary methods of attracting potential buyers without public advertising shall be deemed reasonable. Ten (10) days' notice shall be deemed reasonable notice of resale. No delay or omission by Seller in exercising any right or remedy shall operate as a waiver of that or any other right or remedy, and no waiver of any Buyer's breach of Seller's right or remedy shall be deemed a waiver of any other or future breach, right or remedy.

14. NON-ASSIGNABILITY AND DUE ON SALE: Buyer's interest in the horse(s), foal(s), breeding right(s) and other rights and obligations under this contract may not be assigned or sold without Seller's prior written consent, which shall not be unreasonably withheld. All amounts due hereunder shall become immediately due and payable without notice if Buyer should sell or assign Buyer's interest in the horse(s), foal(s), breeding right(s), or obligations under this contract, or purport to do so, without Seller's prior written consent.

15. NOTICES: All notices, requests and consents required or permitted by this contract or for any other purpose shall be in writing, signed and personally delivered or mailed by registered or certified U.S. Mail to the appropriate address specified in paragraph 1 above, or such other address of which the sender has been given written notice.

16. APPLICABLE LAW, JURISDICTION AND ATTORNEY'S FEES: This contract shall be construed and governed by the laws of the state identified above the signature lines. At the option of Seller, jurisdiction and venue for any dispute arising under or in relation to this contract shall be only in the county and state identified above the signature lines. In the event lawsuit is brought with respect to this contract or Seller engages an attorney to repossess the horse(s), or collect amounts due, the prevailing party shall be entitled to reasonable attorneys' fees.

17. ENTIRE AGREEMENT AND SEVERABILITY: This contract contains the entire understanding of the parties concerning its subject matter; there are no oral or written promises or representations upon which Buyer is relying except as expressly set forth herein. This contract may be modified only in writing executed by both Buyer and Seller. Headings are for convenience only and are not part of this contract. The invalidity or unenforceability of any term or clause of this contract shall not affect the validity and enforceability of any other terms or clauses, but otherwise this contract is indivisible notwithstanding allocation of prices the parties may agree upon for tax, insurance or other reasons.

Dated at (city), Arizona.
BUYER has read and accepts all
terms appearing on all pages of
this contract

©2017 - Cottonwood Equestrian Publications

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What Security Agreement UCC Forms Cover

A Security Agreement under the Uniform Commercial Code (UCC) documents a debtor’s grant of a security interest in specified collateral to a secured party. It defines the collateral, the obligations secured, and the parties’ rights; it is commonly paired with a UCC-1 Financing Statement filed with the state filing office to perfect the interest. Security Agreement UCC forms vary by clause scope and collateral type (inventory, equipment, receivables, fixtures). Electronic execution is generally permitted for commercial transactions when ESIGN and state UETA rules apply, subject to statutory exceptions.

Why a Proper Security Agreement Matters

A correctly drafted and filed Security Agreement UCC form protects the lender’s priority against third parties, clarifies rights on default, and reduces litigation risk. Precision in debtor identity, collateral description, and perfection steps preserves priority and enforcement options.

Why a Proper Security Agreement Matters

Who Typically Uses These Forms

Security Agreement UCC forms are used by lenders, creditors, businesses granting security interests, and their counsel when financing or securing obligations.

  • Commercial lenders and banks securing loans with business collateral, including inventory and accounts receivable.
  • Equipment lessors and financiers documenting security interests in leased assets and machinery.
  • Small and middle-market businesses granting security to obtain lines of credit or vendor financing.

Users should align the form with the intended perfection mechanism (UCC-1 filing, control, certificate of title) and the governing state law to avoid priority disputes.

Primary Signers and Their Roles

Lender — VP, Credit

A bank or institutional creditor that requires a perfected interest to secure repayment. The lender’s counsel typically negotiates collateral description, default triggers, and remedies to ensure enforceability across jurisdictions.

Debtor — Business Owner

The borrowing entity or individual granting the security interest. The debtor must provide accurate legal names, representations, and authority to encumber assets; errors here commonly jeopardize perfection.

Essential Data Elements

Debtor Legal Name: Exact registered name
Secured Party: Lender name and address
Collateral Description: Specific and identifiable
Obligations Secured: Loan or obligation details
Effective Date: MM/DD/YYYY date
Signature Block: Authorized signer and date

Step-by-step: Completing a Security Agreement

Follow these practical steps to prepare a Security Agreement UCC form, confirm perfection steps, and minimize common errors before filing a UCC-1 financing statement.

  • 01
    Confirm Parties: Verify exact legal names and organizational type.
  • 02
    Describe Collateral: Use specific categories and identifiers for clarity.
  • 03
    Set Obligations: State the secured obligation and any future advances.
  • 04
    Sign and Date: Ensure authorized signers execute with dated signature blocks.

Configure an Online Signing Workflow

Set up a digital workflow to collect signatures, attach exhibits, and trigger UCC-1 filing steps when required.

Field Configuration
Signer Order Serial signing: secured party then debtor
Authentication Email + SMS code or stronger as needed
Attachments Attach schedules and collateral lists PDF
Automations Trigger UCC-1 draft and filing workflow

Where to Submit Completed Forms

After execution, take the next steps to perfect the security interest and notify relevant parties according to jurisdictional practice.

  • UCC-1 Filing: File the financing statement with the state Secretary of State
  • Collateral Schedules: Attach exhibits and retain originals for audits
  • Notices: Provide required notices to third parties where applicable
  • Record Retention: Store executed copies and filing receipts securely

Digital Signing and eSubmission Considerations

Use an e-signature platform that supports secure execution, audit trails, and integrations for filing and recordkeeping.

  • Authentication: Email, SMS code, or advanced options
  • File Formats: PDF and DOCX supported
  • Integrations: Connect to CRMs and filing systems

Ensure the chosen workflow documents intent, consent, attribution, and retention to meet ESIGN/UETA validity tests and support perfection and enforcement.

Penalties and Risks of Errors

Loss of Priority: Unperfected lien loses against competing creditors
Invalid Security: Overbroad or vague collateral descriptions
Incorrect Debtor Name: Financing statement may be seriously misleading
Failure to File: No public notice; enforcement risk
Statute Limitations: Claims may be barred if not timely enforced
Fraud Allegations: Challenge to authorization or signer capacity

Common Preparation Mistakes

  • Using an informal or trade name rather than the debtor’s exact legal name leads to misindexing and possible rejection of the financing statement.
  • Describing collateral with vague phrases like 'all assets' without necessary qualifiers can create enforceability disputes in priority contests.
  • Failing to attach or reference schedules that list serial numbers, VINs, or account ranges can impair recovery and lien enforcement.
  • Assuming notarization is required for perfection — in most jurisdictions it is not required for UCC-1 filings but state rules vary for related instruments.

Practical Tips for Accurate Completion

Adopt repeatable processes and document checks to reduce filing errors and to preserve lien priority across jurisdictions.

Verify Legal Names and Titles
Cross-check debtor names against state registry records, articles of organization, or title documents. Use exact punctuation and corporate suffixes to match indexing requirements and avoid invalidation of the financing statement.
Use Specific Collateral Language
Describe collateral with clear categories and identifiers. When feasible, include serial numbers or account ranges for high-value assets to simplify enforcement and reduce ambiguity during repossession or sale.
Coordinate Filing and Execution
Ensure the Security Agreement is executed before or concurrently with the UCC-1 filing where required for priority. Keep executed originals, signed exhibits, and filing receipts together for audit and enforcement needs.
Maintain an Amendment Routine
Monitor changes in collateral, debtor name, or address and promptly file amendments, continuations, or terminations to preserve perfection and avoid stale or misleading public records.

eSignature Vendor Pricing Snapshot for Security Agreement Workflows

Comparing common eSignature vendors shows differences in starting price, trial availability, bulk send, audit trail, and HIPAA support; signNow appears first per platform comparison conventions.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day free trial Varies Varies Varies Varies
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No

Frequently Asked Questions and Troubleshooting

Answers to common questions about execution, perfection, correction, and termination of Security Agreement UCC forms to resolve routine issues.


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