Security Agreement over Deposit Account

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This Security Agreement Over Deposit Account Agreement is between a creditor and a debtor who agrees to pledge a deposit account as security for a debt. This agreement can easily be tailored to fit your unique needs.

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This Security Agreement Over Deposit Agreement is between a creditor and a debtor who agrees to allow a deposit account to be used as security for a debt. This agreement sets forth the names of the parties, name of the financial institution where the deposit account is held and its account number. It also sets forth representations of the debtor, remedies in the event of default and that the security is continuing. A written Security Agreement Over Deposit Account will prove invaluable in the event there are disagreements or questions regarding the account which is held as security for a debt.

This Security Agreement Over Deposit Account includes the following:
  • Parties: Sets forth the name of the creditor and debtor who is pledging the deposit account;
  • Security Interest: Sets forth that the deposit account will serve as continuing security for the payment of the debt or obligation;
  • Representations and Warranties: Sets forth the representations and warranties of the debtor including the power to enter into this agreement and that the deposit account will be held free and clear of all other security interests;
  • Default/Remedies: Sets out the remedies available to both parties in the event of default;
  • Signatures: Both creditor and debtor must sign this agreement in the presence of witnesses.

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This attorney-prepared packet contains:
  1. General Instructions
  2. Security Agreement Over Deposit Account
State Law Compliance: This form complies with the laws of all states
Number of Pages5
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#28643
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Security Agreement over Deposit Account

 

 

 
THIS AGREEMENT made as of Date of Agreement (ie. July 31, 2000) between Name of Creditor, of Address of Creditor (the "Secured Party") and Name of Debtor, of Address of Debtor (the "Debtor").
 
 
WHEREAS the Debtor has agreed to grant, as general and continuing security for the payment and performance of all its obligations to the Secured Party (collectively the "Obligations"), a security interest in the deposit account held by the Debtor with the Name of Bank or Financial Institution at which Deposit Account is Maintained at Address of Bank or Financial Institution at which Deposit Account is Maintained bearing account number Account Number (the "Deposit Account");
 
NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the premises and the covenants and agreements herein contained the parties hereto agree as follows:
 
 
1.   Security Interest. As general and continuing security for the payment and performance of the Obligations, the Debtor hereby grants to the Secured Party a security interest in the Deposit Account and all proceeds thereof.
 
2.   Representations, Warranties and Covenants of Debtor. The Debtor hereby represents, warrants and covenants to and with the Secured Party that:
 
(a)   the Debtor has the power and authority to enter into this Agreement and this Agreement constitutes a legal and valid agreement binding upon the Debtor enforceable in accordance with its terms;
 
 
(b)   the Debtor shall defend the Deposit Account against all claims and demands respecting the Deposit Account made by all persons at any time and shall keep the Deposit Account free and clear of all security interests, mortgages, charges, liens and other encumbrances or interests;
 
3.   Default and Remedies. Upon the occurrence of any of the following events (an "Event of Default"):
 
(a)   the Debtor fails to pay to the Secured Party any amount owing in respect of the Obligations when due;
 
(b)   the Debtor fails to observe or perform any covenant or obligation of the Debtor contained in this Agreement;
 
(c)   any representation or warranty made by the Debtor herein or in any document or certificate furnished at any time to the Secured Party in connection herewith shall prove to be incorrect or misleading in any material respect;
 
(d)   the Debtor shall become insolventor commit or threaten to commit any act of bankruptcy; or
 
(e)   the Deposit Account or any part thereof is seized or otherwise attached by anyone pursuant to any legal process or other means.
 
any or all of the Obligations shall at the option of the Secured Party become immediately due and payable, without further demand or notice, both of which are expressly waived; any or all security granted hereby shall, at the option of the Secured Party, become immediately enforceable; and the Secured Party shall have, in addition to any right or remedy provided by law, the rights and remedies set out below, all of which rights and remedies shall be enforceable successively, concurrently and/or cumulatively:
 
(i)   the Secured Party may take possession of the Deposit Account;
 
(ii)   the Secured Party may enforce any rights of the Debtor in respect of the Deposit Account by any manner permitted by law;
 
(iii)   the Secured Party may retain the Deposit Account in satisfaction of the Obligations upon notice to the Debtor of its intention to do so in the manner required by law.
 
4.   Benefit of the Agreement. This Agreement shall be binding upon the heirs, executors, administrators, successors and permitted assigns of the Debtor and shall benefit the heirs, executors, administrators, successors and assigns of the Secured Party.
 
5.   Entire Agreement. This Agreement, including any schedule now or hereafter annexed hereto, constitutes the entire agreement between the Debtor and the Secured Party with respect to the subject matter hereof. There are no representations, warranties, terms, conditions, undertakings or Deposit Account agreements, express, implied or statutory, between the Secured Party and the Debtor except as expressly set forth herein.
 
6.   No Waiver. No delay or failure by the Secured Party in the exercise of any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right hereunder preclude the other or further exercise thereof or the exercise of any other right.
 
7.   Severability. If any provision of this Agreement is determined to be invalid or unenforceable in whole or in part, such invalidity or unenforceability shall attach only to such provision or part thereof and the remaining part of such provision and all other provisions hereof shall continue in full force and effect.
 
8.   Modification; Assignment. This Agreement may not be amended or modified in any respect except by written instrument signed by all parties. The rights of the Secured Party under this Agreement may be assigned by the Secured Party without the prior consent of the Debtor. The Debtor may not assign its obligations under this Agreement.
 
9.   Additional Continuing Security. This Agreement and the security interest granted hereby are in addition to and not in substitution for any other security now or hereafter held by the Secured Party and this Agreement is a continuing agreement and security that shall remain in full force and effect until discharged by the Secured Party.
 
10.   Headings. The division of this Agreement into paragraphs and subparagraphs and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement.
 
11.   Executed Copy. The Debtor acknowledges receipt of a fully executed copy of this Agreement.
 
IN WITNESS WHEREOF the parties have executed this Agreement as of the date first above written.
 
 
 
 
 
Witness
 
Name of Creditor
 
 
 
 
Witness
 
Name of Debtor
 

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