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This was financed through Green Tree Financial Corporation and its subsidiary, Green Tree Financial Corp.-Alabama. Randolph's Manufactured Home Retail Installment Contract and Security Agreement required that Randolph buy a specific type of insurance and that disputes about this provision would have to be settled by arbitration. [1]
In order for a security interest to attach to the collateral in the possession of subsequent purchasers, it must be perfected. If the security agreement is for a purchase money security interest in consumer goods, perfection is automatic. Otherwise, the lender must record either the agreement itself, or a UCC-1 financing statement, in an ...
An installment loan is a type of agreement or contract involving a loan that is repaid over time with a set number of scheduled payments; [1] normally at least two payments are made towards the loan. The term of loan may be as little as a few months and as long as 30 years. A mortgage loan, for example, is a type of installment loan.
Key takeaways. An installment loan is a debt that gives you funds all at once that are paid off in monthly amounts, called installments, over a set time period.
In finance, a security interest is a legal right granted by a debtor to a creditor over the debtor's property (usually referred to as the collateral [1]) which enables the creditor to have recourse to the property if the debtor defaults in making payment or otherwise performing the secured obligations. [2]
A secured transaction is a loan or a credit transaction in which the lender acquires a security interest in collateral owned by the borrower and is entitled to foreclose on or repossess the collateral in the event of the borrower's default. The terms of the relationship are governed by a contract, or security agreement. [1]