Does the definition of 'Assets' in the Angry Chickz Franchise Agreement include deposit accounts?
Angry_Chickz Franchise · 2025 FDDAnswer from 2025 FDD Document
"Assets" means all of the following personal property and assets owned by Franchisee or in which Franchisee otherwise has any rights, and located at, or used in connection with the Franchised Business: (a) all accounts, licenses, permits, and contract rights, including this Agreement, leasehold interests, all telephone and telecopier numbers, telephone and other directory listings, websites, email addresses, social media and other electronic accounts, profiles and listings associated with the Franchised Business, intellectual property derived from and created in connection with the Franchised Business (to the extent not assigned to Company), general intangibles, receivables, claims of Franchisee, all guaranties and security therefor and all of Franchisee's right, title and interest in the goods purchased and represented by any of the foregoing; (b) all chattel paper including electronic chattel paper and tangible chattel paper; (c) all
Source: Item 23 — RECEIPTS (FDD pages 54–260)
What This Means (2025 FDD)
According to the 2025 Angry Chickz Franchise Disclosure Document, the definition of 'Assets' within the Franchise Agreement does not explicitly mention deposit accounts. However, the definition does include several categories of personal property and assets owned by the franchisee or in which the franchisee has rights, and which are located at or used in connection with the franchised business. These include accounts, licenses, permits, contract rights, leasehold interests, telephone numbers, directory listings, websites, email addresses, social media accounts, intellectual property, general intangibles, receivables, and claims.
While 'accounts' is listed as part of the definition of 'Assets', it is not clear if this includes deposit accounts. The definition also encompasses chattel paper, including electronic and tangible forms. Given this broad language, a franchisee might interpret 'accounts' to include deposit accounts, but this is not definitively stated.
Prospective Angry Chickz franchisees should seek clarification from the franchisor regarding whether 'accounts' is intended to include deposit accounts. Understanding the full scope of what Angry Chickz considers 'Assets' is crucial for assessing the financial obligations and rights associated with the franchise agreement.