Deed of Hypothec on Movables
Deed of Hypothec on Movables
I. Parties Involved
This Deed of Hypothec on Movables ("Deed") is entered into on [Date], by and between:
Hypothecator:
-
Name: [Your Name]
-
Address: [Your Company Address]
Hypothecate:
-
Name: [Debtor's Name]
-
Address: [Debtor's Address]
II. Background
Whereas the Hypothecator has provided $50,000 to the Hypothecator, and to secure the repayment of the said debt, the Hypothecator agrees to hypothecate certain movable assets owned by them.
III. Description of Movables
The movable assets to be hypothecated under this Deed are described as follows:
|
Item Description |
Serial Number |
Value (USD) |
|---|---|---|
|
Laptop |
ABC123 |
1000 |
|
DSLR Camera |
XYZ456 |
1500 |
|
Office Furniture |
DEF789 |
2000 |
IV. Grant of Hypothec
In light of the existing debt that the Hypothecator has incurred and is thus owed to the Hypothecate, the party known as the Hypothecate agrees to, and does hereby, grant a legal claim or mortgage—referred to as a hypothec—over the movable assets previously mentioned, effectively securing these assets in favor of the Hypothecator as a form of security for the repayment of said debt.
V. Rights and Obligations
A. Rights of the Hypothecator:
-
The Hypothecator shall have the right to take possession of the hypothecated assets in the event of default by the Hypothecates.
-
The Hypothecator may sell or otherwise dispose of the hypothecated assets to recover the outstanding debt.
B. Obligations of the Hypothecate:
-
The Hypothecate shall maintain the hypothecated assets in good condition and not encumber them with any other security interest.
-
The Hypothecate shall promptly repay the debt according to the terms agreed upon.
VI. Default
In the event of default by the Hypothecate, the Hypothecator shall have the right to enforce their rights under this Deed, including taking possession of the hypothecated assets and selling them to recover the outstanding debt.
VII. Governing Law
This Deed shall be governed by and construed by the laws of [Jurisdiction].
IN WITNESS WHEREOF, the parties hereto have executed this Deed as of the date first above written.
[Your Name]
Date:
[Debtor's Name]
Date:
_____________________________________________________________________________________
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 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:
_____________________________________________________________________________________
