Search Results for: SECURED

security interest

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 § […]

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mortgagee

mortgagee (mor-g[schwa]-jee). One to whom property is mortgaged; the mortgage creditor, or lender. — Also termed mortgage-holder. [Cases: Mortgages 23. C.J.S. Mortgages §§ 73–75, 77.] mortgagee in possession. A mortgagee who takes control of mortgaged land by agreement with the mortgagor, usu. upon default of the loan secured by the mortgage. [Cases: Mortgages 187. C.J.S.

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chattel paper

chattel paper. A writing that shows both a monetary obligation and a security interest in or a lease of specific goods. UCC § 9-102(a)(11). • Chattel paper is generally used in a consumer transaction when the consumer buys goods on credit. The consumer typically promises to pay for the goods by executing a promissory note,

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deficiency judgment

A judgment against a debtor for the unpaid balance of the debt if a foreclosure sale or a sale of repossessed personal property fails to yield the full amount of the debt due. — Also termed deficiency decree. [Cases: Mortgages 375, 559; Secured Transactions 240. C.J.S. Mortgages §§ 674–676, 933; Secured Transactions §§ 164–166, 168–169,

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chattel paper

A writing that shows both a monetary obligation and a security interest in or a lease of specific goods. UCC § 9-102(a)(11). • Chattel paper is generally used in a consumer transaction when the consumer buys goods on credit. The consumer typically promises to pay for the goods by executing a promissory note, and the

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