Agreement to Sell Personal Property

Personal property is everything which a person can own except for land. Personal property is also referred to as personal possessions or personal belongings.

A secured transaction automatically covers proceeds from the collateral unless this is expressly excluded in the agreement. Proceeds include cash, checks, and accounts receivable arising from the sale of collateral. It would also include insurance proceeds in case the collateral was damaged such as in a fire. In such a situation, the financing company holding the security interest would have rights to the insurance proceeds.