Lexica → Phrase → security interest
Letter | S |
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Letter name | es (es-) |
Pronounciation | /ɛs/ |
Phrase: | security interest |
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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 |