Flashcards in Definitions Deck (5)
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.
The person who owes payment or performance of the obligation secured.
Define: Secured Party
A lender, seller, creditor, or other person in whose favor there is a security interest.
Define: Security Agreement
The agreement between the debtor and the secured party that creates the security interest.