Boat Security Agreement Form
Boat security agreement form with examples and instructions.
The boat Security Agreement form is designed for lender transactions where a boat is given over as collateral for the respective obligation. Although the title remains in the owner's name, this agreement sets the terms under which the title and boat must be insured, maintained and operated. A security agreement is typically used in conjunction with a boat promissory note.
Usage Context
Although most lending institutions utilize a version of their own security agreement, this form may be otherwise suitable. It is not intended for complex transactions or commercial vessels.
Examples and Conversion
Examples of the boat Security Agreement form are available in Adobe PDF format from the Referrals for this page. They can be easily converted into your favorite word processing application for modification and editing purposes. If your system does not already have this capability, there are a number of free or subscription internet services available that can provide such an accommodation.
Citations and Instructions
Opening Statement - Insert the borrower's legal name, lender's legal name and full
description of the subject boat. This should include all known identification, documentation,
and registration numbers. The parties addresses can be inserted below the signature line. Enter
the loan principal amount and date of a respective promissory note, which should not post date
the security agreement.
Ownership - This contains a title
warranty statement and conditions under which the title must be maintained.
Perfection - Modify as necessary to identify the manner in which the loan is to be
recorded.
Encumbrances - This provides assurances that the
borrower will not allow any liens or encumbrances to become attached to the
boat.
Insurance - Modify this paragraph according to the
terms agreed by the parties.
Maintenance - This dictates the terms under which the boat
must remain insured.
Operation - This places limitations on where the boat can be
operated and the purpose for which used.
Default - This dictates any actions that may be taken in the
event of any breach in the terms of the agreement.
Reimbursement - This paragraph sets the terms of how any
deficiencies are to be handled.
Signature - A security agreement is typically signed by the borrower only.
However, a signature line can be added for the lender if so desired. Although notarization is
not typically required, it may be implemented with the notarial attachment. Include the physical
address below the signature line for both parties where service can be delivered if necessary.
Conclusion
The citations shown in this form are typical of most security agreements, but can be modified according to the circumstances at hand. This instrument can affect the legal rights of all parties involved and should be reviewed by an attorney regarding any such concerns.
References and Referrals
Comments - Suggestions - Corrections