Security Interest

A termThe time period by the end of which a debt must be fully repaid. Also refers to the maturity period designating the interestThis is the amount that is imposed when payment is remitted after the due date. of the creditorThe lending institution providing a loan or credit. in the propertyThe rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself. of the debtorThe person or entity that borrows money. The term debtor may be used interchangeably with the term borrower. in all types of creditThe ability of a person to borrow money, or buy good by paying over time. Credit is extended based on transactions. It thus replaces such termsThe specific conditions of a loan, including the requirements governing receipt and repayment of a loan. as the following: chattel mortgageA pledge of personal property as security for a debt. Also called a security interest or financing statement.; pledgeThe depositing of personal property by a debtor with a creditor as security for a debt or engagement.; trustA trust exists when one person holds property for the benefit of another. receipt; chattelPersonal property which is tangible and movable. (The word "chattel" evolved from the word "cattle", trust; equipment trust; conditional sale; inventoryMerchandise that is purchased and/or produced and stored for eventual sale. lienWhen a borrower fails to satisfy a debt, the lender may claim ownership of tangible property the borrower; etc., according to Uniform Commercial CodeEstablishes a unified and comprehensive method for regulation of security transactions in personal property, usage.

Security Interest

An interestThis is the amount that is imposed when payment is remitted after the due date. in personal propertyProperty that is not real is personal. Identifiable portable and tangible objects, e.g., furnishings, or fixturesAppurtenances attached to the land or improvements, which usually cannot be removed without agreement, obtained to ensure paymentPeriodic (usually monthly) installments paid to a lender to be applied toward repaying your loan. Payments owed as performance of an obligationLegal reservation of funds based on known requirements (a contract, for example), or an a realistic estimate of costs..

Security Interest

The creditorThe lending institution providing a loan or credit.'s right to take propertyThe rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself. or a portion of property offered as securityThe property that will be pledged as collateral for a loan..