Security Interest - Law Dictionary Search Results
Home Dictionary Name: security interest Page: 3security agreement
security agreement : an agreement which creates or provides for a security interest [perfect a security interest in collateral described in a security agreement] compare secured transaction ...
grace period
grace period : a period of time beyond a scheduled date during which a required action (as payment of an obligation) may be taken without incurring the ordinarily resulting adverse consequences (as penalty or cancellation): as a : a period of 30 days or one month during which premiums on insurance policies may be paid without penalty b : a period of ten days during which certain security interests (as those in fixtures or purchase money security interests) must be perfected in order to have priority over conflicting security interests under Article 9 of the Uniform Commercial Code called also days of grace ...
unsecured
unsecured : not secured: as a : not guaranteed or protected as to payment, performance, or satisfaction by a security interest or by property given or pledged as security [ debt] [an claim] b : characterized by a lack of security or of a security interest [ status] ...
Security agreement
Security agreement, means an agreement, instru-ment or any other document or arrangement under which security interest is created in favour of the secured creditor including the creation of mortgage by deposit of title deeds with the secured creditor. [Securitisation and Reconstruction of Financial Assets and Enforcements of Security Interest Act, 2002 (54 of 2002), s. 2(1) (zb)]...
Security receipt
Security receipt, means a receipt or other security, issued by a securitisation company or reconstruc-tion company to any qualified institutional buyer pursuant to a scheme, evidencing the purchase or acquisition by the holder thereof, of an undivided right, title or interest in the financial asset involved in securitisation. [Securitisation and Reconstruc-tion of Financial Assets and Enforcements of Security Interest Act, 2002 (54 of 2002), s. 2(1)(zg)]...
Financial asset
Financial asset, means debt or receivables and includes--(i) a claim to any debt or receivables or part thereof, whether secured or unsecured; or(ii) any debt or receivables secured by, mortgage of, or charge on, immovable property; or(iii) a mortgage, charge, hypothecation or pledge of movable property; or(iv) any right or interest in the security, whether full or part underlying such debt or receivables; or(v) any beneficial interest in property, whether movable or immovable, or in such debt, receivables, whether such interest is existing, future, accruing, conditional or contingent; or(vi) any financial assistance. [Securitisation and Reconstruction of Financial Assets and Enforce-ment of Security Interest Act, 2002 (54 of 2002), s. 2(1)(l)]...
Perfect
Perfect, means to complete or put in final conformity with the law; as (a) to make (an appeal) ready for transfer to an appeals court by satisfying procedural requirements, (b) to put (one's security) in a position or status having priority over subsequently perfected security interests or unperfected security interests by taking statutorily prescribed steps to give notice exp. by filing a financing statement or taking possession of the collateral, Commercial Bank v. Pride Furniture, Inc., 877 P. 2d 1232 (1994)....
party
party pl: parties 1 a : one (as a person, group, or entity) constituting alone or with others one of the sides of a proceeding, transaction, or agreement [the parties to a contract] [a person who signed the instrument as a to the instrument "Uniform Commercial Code"] accommodated party : a party to an instrument for whose benefit an accommodation party signs and incurs liability on the instrument : a party for whose benefit an accommodation is made accommodation party : a party who signs and thereby incurs liability on an instrument that is issued for value and given for the benefit of an accommodated party secured party : a party holding a security interest in another's property third party : a person other than the principals [insurance against injury to a third party] b : one (as an individual, firm, or corporation) that constitutes the plaintiff or defendant in an action ;also : one so involved in the prosecution or defense of a judicial or quasi-judicial proceeding as t...
Further advance, or charge
Further advance, or charge, a second or subsequent loan of money to a mortgagor by a mortgagee, either upon the same security as the original loan was advanced upon, or an additional security, Equity considers the arrears of interest on a mortgagee security converted into principal, by agreement between the parties, as a further advance.Although the tacking of a third or subsequent mortgage has been abolished by the Law of Property Act, 1925, s. 94, that s. has expressly preserved the right to tack a further advance by a prior mortgage so that the advance may rank in priority to subsequent mortgages, even if the further advance was made with notice of a subsequent mortgage or charge in cases where the mortgage imposes an obligation to make further advances. Where the mortgage is to secure a current account or any other further advances, notice of an intervening charge will postpone the further advance to that charge but (by way of exception) in this case notice will not be imputed to t...
Secured asset
Secured asset, means the property on which security interest is created. [Securitisation and Reconstruc-tion of Financial Assets and Enforcements of Security Interest Act, 2002 (54 of 2002), s. 2(1) (zc)]...
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