A security agreement is the contract that pledges specific property as collateral and lays out the lender's rights to it.
A security agreement is a contract granting a lender a security interest in specified collateral, defining the rights and obligations tied to that interest.
It's the document that makes collateral enforceable, so understanding what it covers is important before signing.
A security agreement for a livestock loan would identify the animals pledged as collateral.
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