Embed card in the Security Agreement

Aug 6th, 2022
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How to embed card in the Security Agreement

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For purposes of attachment, the debtor must authenticate a security agreement. In other words, the debtor must sign the written agreement that gives the secured party an interest in the collateral. (The UCC uses the term authenticate to include the possibility of electronic signatures.)
Embed is the first and only FEC cashless business solution to offer the Mobile Wallet. This makes us the only non-banking finance-payment or loyalty-card business and brand card that sits in the mobile wallet.
At a minimum, a valid security agreement consists of a description of the collateral, a statement of the intention of providing security interest, and signatures from all parties involved. Most security agreements, however, go beyond these basic requirements.
Attachment of a security interest requires that the debtor have rights in the collateral, that value is given and, in most instances, that the debtor has authenticated a security agreement that describes the collateral.
There are three requirements for attachment: (1) the secured party gives value; (2) the debtor has rights in the collateral or the power to transfer rights in it to the secured party; (3) the parties have a security agreement authenticated (signed) by the debtor, or the creditor has possession of the collateral.
A security interest is said to attach to collateral when it becomes a right that is enforceable against the debtors property. Perfection places third parties, including the debtors other creditors, on notice of the existence of a security interest.
The law of secured transactions consists of five principal components: (1) the nature of property that can be the subject of a security interest; (2) the methods of creating the security interest; (3) the perfection of the security interest against claims of others; (4) priorities among secured and unsecured creditors

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