security interest

security interest
Interest in property obtained pursuant to security agreement. In re Wilson, Bkrtcy.Pa., 25 B.R. 61, 63.
A form of interest in property which provides that the property may be sold on default in order to satisfy the obligation for which the security interest is given. A mortgage is used to grant a security interest in real property. An interest in personal property or fixtures which secures payment or performance of an obligation, U.C.C. No.No. 1-201(37), 9-102, including the interest of an assignee of the proceeds of a letter of credit, No. 5-116(2). Lien created by an agreement. Bankruptcy Code No. 101. Often, the term "lien" is used as a synonym, although lien most commonly refers only to interests providing security that are created by operation of law, not through agreement of the debtor and creditor
Compare lien.
The term "security interest" means any interest in property acquired by contract for the purpose of securing payment or performance of an obligation or indemnifying against loss or liability. A security interest exists at any time,
(a) if, at such time, the property is in existence and the interest has become protected under local law against a subsequent judgment lien arising out of an unsecured obligation, and
(b) to the extent that, at such time, the holder has parted with money or money's worth. I.R.C. No. 6323(h).
See also purchase money security interest

Black's law dictionary. . 1990.

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Look at other dictionaries:

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  • Security interest — 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.[1] It gives the beneficiary of the security interest certain… …   Wikipedia

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  • Security interest — Sûreté réelle En droit, une sûreté réelle (security interest ou collateral en anglais[1]) est une garantie offrant à un créancier un droit sur un bien immobilier qui lui permet d obtenir paiement de sa créance en cas de défaillance du débiteur.… …   Wikipédia en Français

  • security interest — An interest in personal property or fixtures which secures payment or performance of an obligation. 15 Am J2d Com C § 7. In the broad sense, an interest in security of any form …   Ballentine's law dictionary

  • security interest — Term used to describe an interest in personal property ( collateral) owned by a debtor. American Banker Glossary The creditor s right to take property or a portion of property offered as security. Bloomberg Financial Dictionary …   Financial and business terms

  • security interest — noun any interest in a property that secures the payment of an obligation • Hypernyms: ↑interest, ↑stake • Hyponyms: ↑pledge, ↑mortgage, ↑conditional sale, ↑collateral, ↑lien …   Useful english dictionary

  • security interest — noun Date: 1951 the rights that a creditor has in the personal property of a debtor that secures an obligation ; lien …   New Collegiate Dictionary

  • security interest — noun The right of a lender to take possession of collateral offered to secure the loan …   Wiktionary

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