PLEDGE OF PERSONAL PROPERTY|
FOR VALUE RECEIVED, the undersigned hereby deposits and
pledges with _, (Pledgee) as collateral security to secure the
payment of: (Describe debt)
The following personal property (collateral) described as:
It is understood and agreed that:
1. Pledgee may assign or transfer said debt and the
pledged collateral hereunder.
2. Pledgee shall have no liability for loss, destruction
or casualty to the collateral unless caused by his own
3. The undersigned shall pay any and all insurance it
elects to maintain on the pledged collateral and any
personal property, excise or other tax or levy.
4. The undersigned warrants that it has good title to the
pledged collateral, authority to pledge same and that
it is free of any adverse lien, encumbrance or claim.
5. In the event of default of payment of the debt or
breach of this pledge agreement, the Pledgee or holder
shall have full rights to foreclose on the pledged
collateral and exercise its rights as a secured party
pursuant to Article 9 of the Uniform Commercial Code;
said rights being cumulative with any other rights the
Pledgee may have against the undersigned.
Signed under seal this _ day of _, 20_.