Lexica → Phrase → security interest
| Letter | S |
|---|---|
| Letter name | es (es-) |
| Pronounciation | /ɛs/ |
| Phrase: | security interest |
|---|---|
| Pronounciation: | |
| Century: | 1st |
| DA Name: | |
| Era: | C.E. |
| Origin: | Original |
| Type: | Official |
| Source Language: | Latin |
Source Language Words: | |
| Source Text: | |
Definition: | an interest in personal property or fixtures which secures payment or performance of an obligation. "Security interest" includes any interest of a consignor and a buyer of accounts, chattel paper, a payment intangible, or a promissory note in a transaction. "Security interest" does not include the special property interest of a buyer of goods on identification of those goods to a contract for sale, the right of a seller or lessor of goods to retain or acquire possession of the goods is not a "security interest", but a seller or lessor may also acquire a "security interest". The retention or reservation of title by a seller of goods notwithstanding shipment or delivery to the buyer is limited in effect to a reservation of a security interest |
