Secured Creditor - Definition - Law Dictionary Home Dictionary Definition secured-creditor

Definition :

Secured creditor, means any bank or financial institution or any consortium or group of banks or financial institutions and includes, (i) debenture trustee appointed by any bank or financial institution; or (ii) securitisation company or recon-struction company; or (iii) any other trustee holding securities on behalf of a bank or financial institution, in whose favour security interest is created for due repayment by any borrower of any financial assistance. [Securitisation and Recon-struction of Financial Assets and Enforcements of Security Interest Act, 2002 (54 of 2002), s. 2(1) (zd)]

Secured creditor, means any bank or financial institution or any consortium or group of banks or financial institutions and includes--

(i) debenture trustee appointed by any bank or financial institution; or

(ii) securitization company or reconstruction company; or

(iii) any other trustee holding securities on behalf of a bank or financial institution, in whose favour security interest is created for due repayment by any borrower of any financial assistance. [The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, s. 2(zd)]