security interest. A property interest created by agreement or by operation of law to secure performance of an obligation (esp. repayment of a debt). • Although the UCC limits the creation of a security interest to personal property, the Bankruptcy Code defines the term to mean “a lien created by an agreement.” 11 USCA § […]
purchase-money interest. See purchase-money security interest under SECURITY INTEREST.
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purchase money security interest 〈美〉买卖价金担保权益 买受人以贷款人所借与之款项购买商品并即时以该商品向贷款人提供担保，从而创设的一种担保权益。《统一商法典》〔U.C.C.〕第9-107条对此有规定。它包括两种情形：１出卖人为保证其全部或部分价款得到偿付从而在出卖的商品上取得或保留担保权益；２某人通过预先支付或承担给与价金义务的方式，使得债务人可以此获得某商品，如果债务人已将所获支付或价金实际用于购买支出，则该人在该商品上享有担保权益。例如，甲为购买游船而向银行贷款，银行借与相当于船价的贷款，则银行在该游船上设定的用以担保其贷款获得清偿的担保权益，即为买卖价金担保权益。简作PMSI，亦作「purchase-money interest」。 (→purchase money mortage)
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A security interest that is created when a buyer uses the lender’s money to make the purchase and immediately gives the lender security (UCC § 9-103); a security interest that is either (1) taken or retained by the seller of the collateral to secure all or part of its price or (2) taken by a
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An agreement by which one who holds an otherwise senior interest agrees to subor-dinate that interest to a normally lesser interest, usu. when a seller agrees to subordinate a purchase-money mortgage so that the buyer can obtain a first-mortgage loan to improve the property. [Cases: Secured Transactions 147. C.J.S. Secured Transactions § 108.]
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perfection. Validation of a security interest as against other creditors, usu. by filing a statement with some public office or by taking possession of the collateral. Cf. ATTACHMENT(4). [Cases: Secured Transactions 81–96, 138–145. C.J.S. Secured Transactions §§ 3, 50–51, 53–77, 88, 90–102, 105–107, 118.] automatic perfection. The self-operative perfection of a purchase-money security interest without
The self-operative perfection of a purchase-money security interest without filing or without possession of the collateral. • The security interest is perfected simply by the attachment of the security interest, without any additional steps. See purchase-money security interest under SECURITY INTEREST. [Cases: Secured Transactions 83, 146. C.J.S. Secured Transactions §§ 10, 55, 103–105.]
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grace period. 1. A period of extra time allowed for taking some required action (such as making payment) without incurring the usual penalty for being late. • Insurance policies typically provide for a grace period of 30 days beyond the premium’s due date, during which the premium may be paid without the policy being canceled.