Use UCC As a Security Agreement?

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Question:

I have a note that references a Security Agreement but there is no Security Agreement attached. Instead there is a UCC that is being use as a Security Agreement. Is this okay, or should there also be a Security Agreement that references the UCC?

Answer:

You need to have counsel review your documents. The UCC form is generally used to perfect a security interest. The security agreement itself may have other terms and conditions on it that help complete your document. The UCC form won't have that language.

First published on BankersOnline.com 6/24/13