Security Agreement review
Security agreement under UCC Article 9 (attachment + perfection + remedies).
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- + 118 general checks
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What it checks
Debtor / secured party identification
Security agreement must identify debtor and secured party with full legal names.
Critical · BNK-014
Granting clause — grant of security interest
Security agreement must contain an operative granting clause creating the security interest.
Critical · BNK-015
Collateral description — reasonably identifies (§ 9-108)
Collateral must be described with reasonable specificity per UCC § 9-108.
Critical · BNK-016
After-acquired property + proceeds clause
Security agreement should cover after-acquired property and proceeds (§ 9-204, § 9-315).
Warning · BNK-017
Authorization to file financing statements
Security agreement should authorize secured party to file UCC-1 financing statements (§ 9-509).
Critical · BNK-018
Debtor representations as to ownership / no liens
Debtor must represent it owns the collateral free of competing liens.
Critical · BNK-019
Remedies on default — UCC Part 6
Security agreement must specify remedies on default (UCC Part 6 — sale, repossession, deficiency).
Critical · BNK-020
Waiver of non-waivable Article 9 debtor protections
Detects a security agreement or finance lease purporting to waive the debtor protections U.C.C. § 9-602 makes non-waivable — notice of disposition, commercial reasonableness, the right to redeem, the deficiency calculation, or the breach-of-the-peace limit on self-help repossession.
Critical · DARK-015
Every run also applies 118 general checks that belong to any agreement: structure, parties and signatures, defined terms, cross-references, dates, amounts, and one-sided terms.
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