Wipe date in the Pledge Agreement

Aug 6th, 2022
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  3. Use the top toolbar to wipe date in Pledge Agreement.
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How to wipe date in the Pledge Agreement

4.7 out of 5
44 votes

Todays video shares a current scenario that was described to me recently and that scenario ended with this question: Does missing the contract date kill the contract? The scenario it is a Seller financed transaction (so theres no lender approval issues), but the Buyer had to ask for an extension because he needed more time to gather his down payment funds. This extension was granted and an amendment was signed. Then the day before the amended closing date, the title company called to say that the closing would be delayed one more day because the partial release of lien that the title company needed would not be ready until the day after closing. When the Buyer was told that the extending closing would be delayed one more day, the Buyer said he was too busy to close on that date and now could not close for another month. The seller refused to extend for an additional month. No termination of contract has been sent up to this point, but the listing agent has put the listing back as a

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A pledge and security agreement is a legal document that outlines an arrangement in which one party (the pledgor) unconditionally transfers the title to a specific property or asset to another person or entity (the pledgee), who accepts it for safekeeping, usually in return for some form of compensation.
Security over receivables can be established by a pledge or a security assignment. In practice, a pledge is generally used for taking security over receivables (e.g., bank deposits, insurance proceeds and intercompany loans). However, a security assignment is commonly used for taking security over trade receivables.
A type of security interest in which a lender takes possession of personal property as security for an obligation. The personal property involved is also called a pledge. Initially, the lenders possessory interest is subject to the rules of a bailment or other type of deposit.
Collateral is something physical that you use to secure something, for example, a loan. A pledge is a promise and may or may not be in writing. For example, when you go to the bank to secure a loan you usually have to put up something like real estate or stocks, as well as promising to pay it back.
A security agreement is a document that provides a lender a security interest in a specified asset or property that is pledged as collateral. Security agreements often contain covenants that outline provisions for the advancement of funds, a repayment schedule, or insurance requirements.
Under the UCC, a pledge agreement is a security agreement. The nature of the pledged assets means that a pledge agreement may contain different representations and warranties and covenants than a security agreement over business assets (for example, voting rights).

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