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Security Agreement review

Security agreement under UCC Article 9 (attachment + perfection + remedies).

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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 108 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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