Secured party

Secured party
A creditor that has been granted a collateral interest in property. The collateral interest is usually given to the creditor by the debtor but may be given by a guarantor or another third party.

In some jurisdictions, the secured party takes legal possession of collateral, but is legally bound by how the collateral may be used and the conditions upon which it must be returned.

For a chattel mortgage to be a legal mortgage, it must transfer legal title to the chattel (or chattels) to the secured party (typically the lender) and include an express or implied proviso that the legal title will be transferred back to the debtor ...

CONTINUATION - A form and process by which a secured party extends the priority of its security interes...
CONTINUATION CHART - A chart in which the price scale for the data for the end of a given contract and ...

Security Agreement
A contract between a secured party creditor and a debtor granting a security interest to a lender in specified personal property pledged as collateral to secure a loan.

Security Agreement
Definition: Agreement between a lender (secured party) and borrower (debtor) providing for financial services, creating a security interest.

See also: Banks, Personal property, Expense, Prepayment, Fraud