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1992-01-02
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54 lines
PLEDGE-SALE OF BUSINESS
Agreement made this _____day of ______, 19__ by and
between _____________________("Debtor") and
____________________________________________("Secured Party").
The parties agree that :
1. The Debtor acknowledges receipt of _____________
($_________ )Dollars as a purchase money loan from the
Secured Party evidenced by a certain promissory note of even
date, given as payment in the purchase of
______________________________ from said Secured Party.
2. The Debtor hereby pledges, assigns, transfers and
sets over to the Secured Party all his right, title and interest
in _________________________________________________________ as
collateral security for the repayment of the loan. Said
collateral is delivered herewith to be held by said Secured Party
in pledge.
3. In the event of a default in the payment of the loan,
the Secured Party is fully authorized and empowered,
without notice to, and without demand for payment from, the
Debtor, to sell the collateral at public or private sale
provided, however, that should the proceeds from the sale of the
collateral exceed the value of the then outstanding loan balance
plus reasonable attorney's fees and costs, then the excess value
of the proceeds shall be remitted to the Debtor.
Dated:
______________________________ _________________________________
Secured Party Debtor
Form 334