A Security Agreement Is a Contract in Which a Business

question 66

True/False

A security agreement is a contract in which a business selling an asset on credit gets a security interest in that asset, protecting its legal rights in case the buyer fails to pay.

---

Definitions:

Transfer Of Title

The legal process of transferring property ownership from one party to another.

Personal Property

Personal property refers to movable assets or belongings that are not fixed to one location, such as furniture, vehicles, and electronic equipment, in contrast to real property.

Deed

A legal document that represents the ownership of real estate or property, which is transferred from one party to another.

Accession

The process or act of acquiring an increase, typically referring to the acquisition of new territory, property, or rights.