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Security Agreement Form for the United Kingdom

Security Agreement Form Template for England and Wales

A Security Agreement Form under English and Welsh law is a legally binding document that creates and evidences a security interest over specified assets in favor of a secured party. It sets out the terms under which assets are pledged as collateral to secure the performance of obligations, typically loan repayment. The agreement includes detailed provisions on the nature of the security, representations and warranties, enforcement mechanisms, and compliance with UK registration requirements.

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What is a Security Agreement Form?

A Security Agreement Form is essential in secured lending transactions under English and Welsh law. It is used when a party needs to grant security over assets to secure their obligations to another party. The agreement details the assets being secured, the obligations being guaranteed, and the rights and remedies available to the secured party. It must comply with UK security registration requirements and includes provisions for enforcement in case of default.

What sections should be included in a Security Agreement Form?

1. Parties: Identifies the security provider and security taker

2. Background: Context of the security arrangement and underlying obligations

3. Definitions: Key terms used throughout the agreement including secured assets, secured obligations, and enforcement events

4. Security Interest: Core provisions creating and describing the nature of the security interest

5. Representations and Warranties: Statements about the secured assets and provider's authority to grant security

6. Covenants: Ongoing obligations regarding the maintenance and preservation of secured assets

7. Enforcement: Rights and remedies upon default, including power of sale and appointment of receivers

8. Governing Law and Jurisdiction: Specification of English and Welsh law as governing law and jurisdiction for disputes

What sections are optional to include in a Security Agreement Form?

1. Further Assurance: Additional actions required to perfect or maintain security interest in complex arrangements

2. Power of Attorney: Appointment of security taker as attorney for enforcement purposes

3. Assignment and Transfer: Provisions governing the transfer of security interests to third parties

4. Consumer Protection Provisions: Additional protections required when security provider is a consumer

What schedules should be included in a Security Agreement Form?

1. Schedule of Secured Assets: Detailed description and identification of all assets subject to security

2. Forms of Notice: Standard form notices for perfecting security interests in specific assets

3. Secured Obligations: Comprehensive list of obligations secured by the agreement

4. Filing and Registration Requirements: Details of required registrations at Companies House, Land Registry, or other registries

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

England and Wales

Document Type

Agreement Contract

Cost

Free to use
Relevant legal definitions






























Clauses






























Industries

Law of Property Act 1925: Core legislation for real property security, establishing requirements for creation and registration of legal charges over property in England and Wales

Companies Act 2006: Key legislation governing registration requirements for company charges, filing obligations at Companies House, and priority rules for security interests

Financial Collateral Arrangements (No.2) Regulations 2003: Regulations specifically dealing with financial collateral and special rules for enforcement of security over financial assets

Enterprise Act 2002: Legislation affecting security enforcement rights and containing restrictions on administrative receivership

Insolvency Act 1986: Crucial legislation governing security enforcement during insolvency and establishing priority rules in insolvency proceedings

Consumer Credit Act 1974: Legislation relevant when dealing with consumer security arrangements and consumer protection measures

Financial Services and Markets Act 2000: Regulatory framework for financial services and markets, affecting certain types of security arrangements

Bills of Sale Acts 1878 and 1882: Historic legislation still relevant for security over personal property owned by individuals

Land Registration Act 2002: Modern legislation governing registration requirements for security interests in real property

FCA Regulations: Financial Conduct Authority regulations affecting security arrangements within regulated financial services

Land Registry Requirements: Specific requirements and procedures for registering security interests in land at the Land Registry

Companies House Filing Requirements: Mandatory filing and registration requirements for company charges and security interests at Companies House

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Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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