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Flashcards in Definitions Deck (5)
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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.


Define: Debtor

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.


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.