Form Of A Security Agreement (8 Pages)
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FormofASecurityAgreement
$19.00
This is a Form of a Security Agreement whereby the Debtor (in this case a business entity) gives to the Secured Party (in this case the Sellers in a Stock Purchase Agreement) a security interest in certain collateral owned by the Debtor. Here, that collateral is all of the assets of the Debtor’s business.
This is a Form of a Security Agreement whereby the Debtor (in this case a business entity) gives to the Secured Party (in this case the Sellers in a Stock Purchase Agreement) a security interest in certain collateral owned by the Debtor. Here, that collateral is all of the assets of the Debtor’s business. This Security Agreement is given to secure the obligations incurred by the business entity under a Guaranty Agreement it entered into, which, in turn, secures the obligations of certain Buyers under a Promissory Note entered into in connection with a Stock Purchase Agreement. The point here is to give the Sellers the comfort that they are secure against any default by the Buyers with the Note, the Guaranty and the Security Agreement. Therefore, the Buyers are committed to the deal, as are the business entity itself and the assets of that entity. Note that the Sellers are given a priority interest in the collateral. There may be no sales or exchanges of the collateral by the Buyers except in the ordinary course of the entity’s business, absent the consent of the secured party (the Sellers in this case).
Author:
Steven G. Siegel is president of The Siegel Group, a Morristown, New Jersey - based national consulting firm specializing in tax consulting, estate planning and advising family business owners and entrepreneurs. Mr. Siegel holds a BS from Georgetown University, a JD from Harvard Law School and an LLM in Taxation from New York University.
Author:
Steven G. Siegel is president of The Siegel Group, a Morristown, New Jersey - based national consulting firm specializing in tax consulting, estate planning and advising family business owners and entrepreneurs. Mr. Siegel holds a BS from Georgetown University, a JD from Harvard Law School and an LLM in Taxation from New York University.
He is the author of several books, including: Planning for An Aging Population; Business Entities: Start to Finish; Taxation of Divorce and Separation; Income Taxation of Estates and Trusts, Preparing the Audit-Proof Federal Estate Tax Return, Putting It Together: Planning Estates for $5 million and Less, Family Business Succession Planning, Business Acquisitions: Representing Buyers and Sellers in the Sale of a Business; Dynasty Trusts; Planning with Intentionally-Defective Grantor Trusts; The Federal Gift Tax: A Comprehensive Analysis; Charitable Remainder Trusts, Grantor Trust Planning: QPRTs, GRATs and SCINs, The Estate Planning Course, The Retirement Planning Course, Retirement Distributions: Estate and Tax Planning Strategies; The Estate Administration Course, Tax Strategies for Closely-Held Businesses, and Tort Litigation Settlements: Tax and Financial Issues.
Mr. Siegel has lectured extensively throughout the United States on tax, business and estate planning topics on behalf of numerous organizations, including National Law Foundation, AICPA, CCH, National Tax Institute, National Society of Accountants, and many others. He has served as an adjunct professor of law at Seton Hall and Rutgers University law schools.
The Siegel Group provides consulting services to accountants, attorneys, financial planners and life insurance professionals to assist them with the tax, estate and business planning and compliance issues confronting their clients. Based in Morristown, New Jersey, the Group has provided services throughout the United States. The Siegel Group does not sell any products. It is an entirely fee-based organization.
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