Refinance and Mortgage Encyclopedia - security agreement (Free Refinance Quote in 30 seconds)

Refinance and Mortgage Encyclopedia - security agreement

Security Agreement

An agreementAn exchange of promises, a mutual understanding or arrangement; a contract. between the secured partyThis is the party having the security interest. Thus the mortgagee, the conditional seller, the pledgee, and the debtorThe person or entity that borrows money. The term debtor may be used interchangeably with the term borrower. which creates the security interestThe creditor's right to take property or a portion of property offered as security.. (Uniform Commercial CodeEstablishes a unified and comprehensive method for regulation of security transactions in personal property,.)