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Covering Goods With Retail Instalment Sale-Attached Assignment
COVERING GOODS WITH RETAIL INSTALLMENT SALE-ATTACHED ASSIGNMENT
RETAIL INSTALMENT SALE CONTRACT-SECURITY AGREEMENT
Installment sale and security agreement made [Date of agreement], between [Name of seller], of [Address of seller], in this agreement referred to as seller, and [Name of debtor], of [Address of debtor], in this agreement referred to as buyer.
Buyer hereby purchases from seller, and grants to seller a security interest in, the following described [type of consumer goods], complete with standard equipment and accessories, in this agreement referred to as goods, for the deferred payment price shown below and on the terms in this agreement stated: [Description of collateral in detail].
TERMS OF SALE:
[terms of sale]
Buyer acknowledges receipt of a copy of this agreement. The terms and conditions following the signatures of the parties are incorporated in, and made a part of, this agreement for all purposes.
NOTICE TO BUYER: Do not sign this agreement before you read it or if it contains blank spaces. You are entitled to a copy of the contract you sign. You have the right to pay in advance the unpaid balance of this agreement and obtain a partial refund of the FINANCE CHARGE. Keep this agreement to protect your legal rights.
In witness whereof, the parties have executed this agreement at [Place of execution] the day and year first above written.
Signature Date
Signature Date
NOTICE
Any Holder Of This Consumer Credit Contract Is Subject To All Claims And Defenses Which The Debtor Could Assert Against The Seller Of The Goods Or Services Obtained Pursuant Hereto Or With The Proceeds Hereof. Recovery Hereunder By The Debtor Shall Not Exceed Amounts Paid By The Debtor Hereunder.
OTHER TERMS AND CONDITIONS
1. Title to goods. The title to goods, including all accessories and other equipment and parts, now or hereafter attached or substituted, shall not pass to seller until all unpaid balances are fully paid in cash.
2. Location of goods. Buyer shall notify seller of any change in the location of goods from buyers above address and shall not remove goods from [state] for any one period exceeding days in length without sellers written consent.
3. Protection of goods. Buyer shall not illegally use or secrete goods. Buyer shall keep goods free of all taxes, liens and other charges. Buyer shall maintain goods in good repair and shall be responsible to seller for any loss or damage thereto.
4. Insurance. Buyer shall keep goods insured by a policy or policies of insurance in form satisfactory to seller, or seller may provide or renew insurance at buyers expense, against loss, damage or liability from any cause. Any additional premium expense thereby incurred by seller shall be included as a part of the unpaid balance hereunder. Buyer hereby authorizes and requests all insurance carriers involved to pay all insurance claims, including premium refunds, directly to seller, and appoints seller attorney-in-fact to collect the same on buyers behalf.
5. Assignment by seller. The interests of seller in this contract may be assigned at any time without notice to buyer. When so assigned, the assignee shall be entitled to hold such interests free from any defense, setoff, or counterclaim of buyer. In the event that sellers interests are assigned to [Designate assignee], at any of its offices, the term seller as used in this contract shall be deemed to refer to [Designated assignee] as assignee, except where such term shall be inapplicable as indicated by the context. If buyer shall pay to seller, after assignment to [Designated assignee], any sum due or owing hereunder, buyer agrees that seller shall receive the same as the agent of buyer and not as the agent of [Designated assignee].
6. Transfer of goods. Buyer shall not sell, lease, assign, encumber or dispose of goods without the prior written consent of seller.
7. No outstanding loan. Buyer hereby warrants and covenants that no part of the cash down payment hereunder has been borrowed.
8. Default. Default hereunder shall consist of any one or more of the following events:
a. Any omission or delay in the making of any instalment payment.
b. Nonperformance or delay in performing any of the other provisions of this contract.
c. Any attachment or execution is made or levied on goods, any petition in bankruptcy or insolvency or for the appointment of a receiver in liquidation or trustee is filed by or against buyer or for any of buyers property, any assignment for the benefit of creditors is made by buyer, or any petition or other proceeding is filed by or against buyer for reorganization, compromise, adjustment or other relief under the laws of the United States or of any state relating to the relief of debtors.
d. Seller deems itself insecure for any reason.
9. Remedies.
a. In the event of any default by buyer, seller may pursue any legal remedy available to collect all sums owing hereunder, to enforce its title in and right to possession of goods, and to enforce any and all other rights or remedies available to it, or otherwise. No such action shall operate as a waiver of any other right or remedy of seller under the terms hereof or under the law, generally. All rights and remedies of seller are cumulative and not alternative, and no waiver of any default shall operate as a waiver of any other default.
b. On any default hereunder, all remaining installments may be declared by seller immediately due and payable. In the event of nonpayment, buyer shall on demand deliver goods to seller, and seller may, without notice of demand and without legal process, enter on buyers premises and retake possession of goods on such premises or wherever found. Seller may require buyer to make goods available to seller at a place to be designated by seller that is reasonably convenient to both parties.
c. Seller, on obtaining possession of goods on default, may sell goods or any part thereof at public or private sale either with or without having goods at the place of sale. To the extent lawful, seller may be a purchaser at such sale. The net proceeds of such sale, after deducting all expenses of seller in retaking, storing, repairing and selling goods, including reasonable attorney fees, shall be credited against the total amount owing by buyer to seller in accordance with the terms of this contract. Any surplus shall be paid to buyer or to any other person legally entitled thereto. In the event of a deficiency, buyer shall pay the amount of same to seller.
ASSIGNMENT
[Designated Assignee], Assignee
The undersigned, [Name of seller], in this agreement referred to as seller, hereby sells, assigns and transfers to [Designated assignee], in this agreement referred to as assignee, its successors and assigns, under the terms set forth in this agreement, the foregoing security agreement and all right, title and interest in and to the [type of consumer goods] therein described, and all rights and remedies thereunder, including the right to collect all installments due and to become due thereon and the right either in assignees own behalf or in sellers name, to take all such proceedings, legal or otherwise, as seller might take pursuant to such agreement.
1. Seller warrants that the security agreement and any accompanying note or notes are genuine and enforceable in accordance with their terms and are the only security agreement and note or notes executed for the [goods] described therein; that all statements therein contained are true; that the [goods] have been delivered and accepted; that unless assignee otherwise specifically agrees in writing, signed by one of its officers, seller is to have sole responsibility for correct filing, recording and renewals thereof, whether handled by assignee or by seller; and that the down payment made by buyer before delivery, as stated in the security agreement, was in cash and not its equivalent, unless otherwise mentioned in the security agreement, and that no part thereof was directly or indirectly loaned by seller to buyer.
2. Seller hereby further warrants the payment promptly when due of each sum payable thereunder and the payment on demand of all unpaid balances in the event of nonpayment by buyer of such sum and its due date or of any other default by buyer without first requiring assignee to proceed against buyer.
3. Seller agrees that assignee may audit sellers books and records relating to paper assigned and to be assigned to it, and may in sellers name endorse such note or notes and all remittances received, and without notice to seller and without affecting sellers liability may release any rights against and grant extensions of time of payment to buyer.
4. Seller waives presentment and demand for payment, protest or notice of nonpayment and protest, and seller subordinates to any rights assignee may have against buyer any rights seller may have or acquire by reason of payment to assignee of any installments payable on the security agreement or otherwise.
5. This assignment is made in consideration of the payment to seller by assignee of the unmatured installments within its acceptable maturity limits, less its charges and any holdback. Such holdback shall be paid seller and installments or their proceeds beyond assignees acceptable maturity limits shall be returned when all installments due and to become due on the security agreement have been paid to assignee, provided that no obligation of seller and no other paper acquired by assignee or any of its subsidiary or affiliated companies from seller or any of sellers subsidiary or affiliated companies are in default. In the event of any such default, assignee may at its election, but need not, credit such holdback on items and obligations so in default.
6. Seller shall have no authority, without assignees prior written consent, to accept collections, and or repossess, and or consent to the return of the [goods], and or modify the terms of the note or notes and or security agreement.
Signature of seller Date
Notice: Any Holder Of This Consumer Credit Contract Is Subject To All Claims And Defenses Which The Debtor Could Assert Against The Seller Of Goods Or Services Obtained Pursuant Thereto Or With The Proceeds Hereof. Recovery Hereunder By The Debtor Shall Be Limited To Amounts Paid By The Debtor Hereunder.