Business Personal Property Loan Security (Article 9)

One purchasing a business may need to give a security interest in the assets of the business in order to obtain a loan.  Also, a business owner with machinery or equipment may want to apply for a loan and may need to give the lender a security interest in such collateral in order to get the loan.  The lender will prepare documents for the borrower to review and sign.  In the event of a later default in payment, the lender has remedies involving taking possession of the security (personal property).