As a general rule, an oral security agreement is legally enforceable.

Name: As a general rule, an oral security agreement is legally enforceable.
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Most security agreements need to be in writing to be enforceable, especially due to the Statute of Frauds which requires certain types of contracts, including those involving the granting of a security interest in personal property, to be in writing to be legally binding.

As a General Rule, an Oral Security Agreement Is Legally