Site Specific Security Agreement

If the collateral is physically held by the borrower or if the collateral is immaterial (e.g. B a patent. [1] full of receivables or a certificate of claim), the guarantee contract must be in writing to comply with the Fraud Act. The security contract must be certified by the debtor, i.e. it must either bear the debtor`s signature or be marked electronically. It must contain an appropriate description of the security rights and use words that show the intention to create a guarantee right (the right to demand repayment of the loan by attachment of the guarantees). For the guarantee contract to be valid, the borrower must normally have rights to the guarantees at the time of performance of the contract. . . .