{"id":11990,"date":"2018-01-11T01:37:14","date_gmt":"2018-01-11T01:37:14","guid":{"rendered":"https:\/\/reunitethestates.org\/?page_id=11990"},"modified":"2018-01-16T17:18:27","modified_gmt":"2018-01-16T17:18:27","slug":"security-interest-an-interest-in-personal-property-or-fixtures-which-secures-payment-or-performance-of-an-obligation-or-with-respect-to-real-property-a-mortgage-or-other-lien","status":"publish","type":"page","link":"https:\/\/reunitethestates.org\/?page_id=11990","title":{"rendered":"Security Interest – an interest in personal property or fixtures which secures payment or performance of an obligation, or with respect to real property, a mortgage or other lien"},"content":{"rendered":"

\u00a0\u00a0\u00a0\u00a0 This page is continued from Ownership<\/a> >>>> Interest<\/a> >>>> Various Types of Interest<\/a>:<\/strong><\/span><\/p>\n

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security interest<\/span>:<\/span>
\n<\/strong>(1951)<\/span><\/p>\n

1. A property interest created by agreement or by operation of law to secure performance of an obligation, esp. repayment of a debt; specifically, an interest<\/a> in personal property<\/a> or fixtures securing payment or performance of an obligation<\/a>.\u00a0 *\u00a0 Although the UCC limits the creation of a security interest to personal property, the Bankruptcy Code defines the term to mean \u201ca lien created by an \u201cagreement.\u201d 11 USCA \u00a7 101(51). <\/span><\/strong>[1]<\/span><\/p>\n

1. An interest in personal property<\/a> or fixtures which secures payment or performance of an obligation<\/a>.\u00a0 15 Am J2d Com C \u00a7 7<\/span>.<\/span><\/strong><\/p>\n

In the broad sense, an interest in security of any form.<\/strong> [2]<\/span><\/p>\n

1. Under the Uniform Commercial Code, “an interest in personal property<\/a> or fixtures which secures payment or performance of an obligation<\/a>. “<\/strong> <\/span>
\n\u00a0\u00a0\u00a0\u00a0 See purchase money security interest.<\/em><\/span>
\n\u00a0\u00a0\u00a0\u00a0 See also security agreement.<\/em><\/span><\/p>\n

2. With respect to real property<\/a>, a mortgage or other lien<\/a>.<\/strong> [3]<\/span><\/p>\n

Various Forms of Security Interests:<\/strong><\/span><\/p>\n

first security interest<\/span>:<\/strong><\/span> See first lien under LIEN.<\/span><\/p>\n

perfected security interest<\/span>:<\/strong><\/span> ( 1955) A security interest that complies with the statutory requirements for achieving priority over a trustee in bankruptcy and unperfected interests.\u00a0 *\u00a0 A perfected interest may also have priority over another interest that was perfected later in time.\u00a0<\/strong> See PERFECT.<\/span><\/p>\n

purchase-money security interest<\/span>:<\/strong><\/span> (1957) A security interest that is created when a buyer uses the lender\u2019s money to make the purchase and immediately gives the lender security by using the purchased property as collateral (UCC \u00a7 9403); a security interest that is either (1) taken or retained by the seller of the collateral to secure all or part of its price or (2) taken by a person who by making advances or incurring an obligation gives value to enable the debtor to acquire rights in or the use of <\/strong><\/span>collateral if that value is in fact so used If a buyers purchase of a boat, for example, rs financed by a bank that loans the amount of the purchase price, the bank\u2019s security interest in the boat that secures the loan is <\/span><\/strong>purchase money security interest.<\/strong> \u2014 Abbr. PMSI\u00a0\u2014 aka purchase-money interest<\/strong><\/em><\/span>.<\/span><\/p>\n

unperfected security interest<\/span>:<\/strong> <\/span>(1957) A security interest held by a creditor who has not established priority over any other creditor.\u00a0 *\u00a0 The only priority is over the debtor.<\/strong><\/span><\/p>\n

References:<\/span><\/span><\/strong><\/p>\n

Disclaimer:<\/span><\/span><\/strong> All material throughout this website is compiled in accordance with Fair Use<\/a><\/span><\/strong>.<\/strong><\/p>\n

[1]: Black\u2019s Law Dictionary\u00a0Deluxe Tenth Edition\u00a0by Henry Campbell Black & Editor in Chief Bryan A. Garner<\/a>. ISBN: 978-0-314-62130-6<\/span><\/strong><\/p>\n

[2]: Ballantine\u2019s Law Dictionary\u00a0<\/a><\/span><\/strong>with Pronunciations
\n<\/span><\/em>Third Edition<\/span><\/strong><\/a>\u00a0by James A. Ballantine\u00a0<\/span><\/strong>(James Arthur 1871-1949).\u00a0\u00a0<\/span><\/em>Edited by William S. Anderson.\u00a0\u00a0\u00a9 1969 by THE LAWYER\u2019S CO-OPERATIVE PUBLISHING COMPANY.\u00a0 Library of Congress Catalog Card No. 68-30931<\/span><\/strong><\/p>\n

[3]: Ballantine’s Law Dictionary <\/a><\/span><\/strong>Legal Assistant Edition<\/span><\/a><\/em>
\nby Jack Ballantine\u00a0<\/span><\/strong>(James Arthur 1871-1949).\u00a0\u00a0<\/span><\/em>Doctored<\/span><\/a><\/strong>\u00a0<\/span><\/em>by\u00a0Jack G. Handler,\u00a0J.D.<\/a>\u00a0\u00a9 1994 Delmar by Thomson Learning.\u00a0 ISBN 0-8273-4874-6.<\/span><\/strong><\/p>\n

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