Deed of Pledge Universality of Movable Property
Deed of Pledge Universality of Movable Property
I. Parties
This Deed of Pledge Universality of Movable Property (hereinafter referred to as the "Deed") is made and entered into as of [Date], by and between:
Pledgor:
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Name: [Your Name]
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Address: [Your Company Address]
Pledgee:
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Name: [Pledgee's Name]
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Address: [Pledgee's Address]
II. Background
A. The Pledgor is indebted to the Pledgee in the amount of [Amount] (the "Debt").
B. In consideration of the Pledgee's agreement to extend credit to the Pledgor, the Pledgor hereby pledges all movable property owned by them as collateral to secure the Debt.
III. Pledge Universality
A. The Pledgor hereby pledges to the Pledgee all of their movable property, including but not limited to:
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Furniture
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Equipment
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Vehicles
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Inventory
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Accounts receivable
B. The Pledgee accepts the pledge over the movable property listed herein as collateral for the Debt.
IV. Rights and Obligations
A. Rights of the Pledgee:
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The Pledgee shall have the right to take possession of any pledged property upon default by the Pledgor.
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The Pledgee may sell or dispose of the pledged property by applicable law to satisfy the Debt.
B. Obligations of the Pledgor:
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The Pledgor shall maintain the pledged property in good condition and notify the Pledgee of any material changes.
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The Pledgor shall not dispose of or encumber the pledged property without the prior written consent of the Pledgee.
V. Default
In the event of default by the Pledgor, the Pledgee shall have the right to enforce their rights under this Deed and take possession of the pledged property to satisfy the Debt.
VI. Governing Law
This Deed shall be governed by and construed by the laws of [Jurisdiction].
VII. Entire Agreement
This Deed constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings, whether written or oral.
VIII. Counterparts
This Deed may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute the same instrument.
IN WITNESS WHEREOF, the parties hereto have executed this Deed as of the date first above written.
[Your Name]
Date:
[Pledgee's Name]
Date:
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State of [State]
Country of [Country]
On this [Date] day of [Month], [Year] before me, a Notary Public in and for said County and State, personally appeared [Your Company Name], known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that they executed the same.
[Notary Public]
Date:
My commission expires:
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