A security interest is a property interest created by agreement or by operation of law over assets to secure the performance of an obligation, usually the payment of a debt. It gives the beneficiary of the security interest certain preferential rights in the disposition of secured assets. Such rights vary according to the type of security interest, but in most cases, a holder of the security interest is entitled to seize, and usually sell, the property to discharge the debt that the security interest secures.
Read more about Security Interest: Rationale, Security, Types, Security Interest Vs. General Obligation, Perfection, "Quasi-security", United States (the Uniform Commercial Code), Civil Law Countries, See Also
Other articles related to "security interest, security, interest":
... A security interest becomes enforceable against the collateral as soon as it attaches ... rights (ii) that value is given and (iii) in most cases, that the debtor has authenticated a security agreement that adequately describes the collateral ... relating to consumer goods and commercial tort claims, a security interest can encumber after-acquire property -- that is, it can attach to property the debtor acquires after ...
... A security agreement, in the law of the United States, is a contract that governs the relationship between the parties to a kind of financial transaction known as a secured transaction ... guarantor or surety) assigns, grants and pledges to the grantee (typically the lender) a security interest in personal property which is referred to as the collateral ... A security agreement is not used to transfer any interest in real property (land/real estate), only personal property ...
... be secured by either a Purchase Money Security Interest (PMSI) loan, where the creditor takes a security interest in the items purchased (i.e ... electronics) or, a Non-Purchase Money Security Interest (NPMSI) loan, where the creditor takes a security interest in items that the debtor already owns ...
Famous quotes containing the words interest and/or security:
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