Definitions Flashcards Preview

Secured Transactions > Definitions > Flashcards

Flashcards in Definitions Deck (5)
Loading flashcards...
1

Define: Secured Transaction

A transaction intended to create a security interest in personal property or fixtures. Generally involves a sale on credit or a loan in which the seller or the lender obtains a lien on some or all of the debtor's property as security for the payment.

2

Define: Debtor

The person who owes payment or performance of the obligation secured.

3

Define: Secured Party

A lender, seller, creditor, or other person in whose favor there is a security interest.

4

Define: Security Agreement

The agreement between the debtor and the secured party that creates the security interest.

5

Define: Security Interest

An interest in personal property or fixtures which secures payment or performance of an obligation. It is a contingent property interest in the debtors collateral that the debtor grants to the creditor.