Common use of Title and Security Interest Clause in Contracts

Title and Security Interest. The title to and right of possession of the Products (or any part or portion thereof) furnished by FAMCO shall remain FAMCO’s personal property until paid for in full, and Buyer shall do all things necessary to perfect and maintain such right and title in FAMCO. To the extent Buyer should be deemed the owner of the Products despite not having paid for the Products in full, Buyer grants to FAMCO a security interest in the Products purchased and in the proceeds thereof. FAMCO is authorized to file financing statements and other documents necessary to perfect and continue the security interest. If FAMCO in its sole judgment questions ▇▇▇▇▇’s ability to pay for the Products, FAMCO may require payment in full in advance of delivery or manufacture of the Products. Failure to adhere to FAMCO’s terms may result in a shipping hold on future orders and/or a reduction in the credit FAMCO will extend.