Pledge of movable property contract template (US)

Security Agreement (Personal Property)

This Security Agreement is made on Agreement Date between Debtor Name, at Debtor Address ("Debtor"), and Secured Party Name, at Secured Party Address ("Secured Party").

1. Secured Debt

This Agreement secures payment of Description of the Debt, such as a promissory note dated a given date for a given amount, in the amount of $Debt Amount, with interest and costs as stated there (the "Debt").

2. Grant of Security Interest

Debtor grants Secured Party a security interest under Article 9 of the Uniform Commercial Code as adopted in the governing state in the following property (the "Collateral"):

Description of Collateral, with serial numbers or VINs

and all proceeds, replacements and insurance payments for it.

3. Possession

Possession of the Collateral: Possession Arrangement, such as delivered to Secured Party or kept by Debtor at a stated address. If Secured Party holds the Collateral, it will keep it with reasonable care until the Debt is paid.

4. Perfection

Debtor authorizes Secured Party to file a UCC-1 financing statement and to take any other step needed to perfect the security interest, such as noting a lien on a certificate of title.

5. Debtor's Promises

Debtor states that Debtor owns the Collateral free of other liens, and promises to: keep it in good condition; keep it insured against loss for at least its value, naming Secured Party as loss payee; not sell, lease or give a security interest in it without Secured Party's written consent; and let Secured Party inspect it on reasonable notice.

6. Default

Debtor is in default if Debtor fails to pay the Debt when due, breaks a promise in this Agreement, or the Collateral is lost, seized or seriously damaged.

7. Remedies

On default, Secured Party has the rights of a secured party under the Uniform Commercial Code. It may take possession of the Collateral without breach of the peace, and sell or dispose of it in a commercially reasonable manner after giving Debtor the notice the law requires. The proceeds will be applied to the costs of sale and then to the Debt. Any surplus goes to Debtor, and Debtor remains liable for any deficiency, except where the law provides otherwise.

8. Release

When the Debt is paid in full, Secured Party will return any Collateral it holds and file a termination statement within the time the law requires.

9. Consumer Transactions

If the Collateral is mainly for personal, family or household use, consumer protection laws may give Debtor additional rights that this Agreement does not limit.

General Terms

Governing law. This Agreement is governed by the laws of the State of Governing State, without regard to its conflict of laws rules. Any lawsuit will be brought in the state or federal courts located in Venue County and State.

Entire agreement. This Agreement is the parties' complete agreement on its subject and replaces all earlier discussions. It may be changed only in a writing signed by both parties.

Severability. If a court finds any part of this Agreement unenforceable, that part will be enforced to the extent the law allows, and the rest stays in effect.

Assignment. Neither party may assign this Agreement without the other's written consent, except to a successor to its whole business.

Notices. Notices must be in writing and sent to the addresses above by personal delivery, certified mail or a nationally recognized courier.

Counterparts and e-signatures. This Agreement may be signed in counterparts and by electronic signature, which has the same effect as an original.

| Debtor | Secured Party |

| --- | --- |

| Signature: Debtor Signature | Signature: Secured Party Signature |

| Name: Debtor Printed Name | Name: Secured Party Printed Name |

| Date: Debtor Signing Date | Date: Secured Party Signing Date |