Secured Property Definition: 914 Samples | Law Insider (2024)

FAQs

What is the legal definition of secured property? ›

Secured Properties means all of the real property that is subject to the lien of any of the Deeds of Trust, including, without limitation, the land, buildings, fixtures and other improvements located thereon.

Secured Property means the assets and contractual rights in respect of the agreements comprising the property on which the Series of Notes is secured, as specified in the Issue Deed.

A security interest means that if you don't make the mortgage payments as agreed, or if you break your agreement with the lender, the lender can take your home and sell it to pay off the loan. You give the lender this right when you sign your closing forms.

Just like real estate deeds, security agreements should be recorded at state offices and made available to the public. Recording a security agreement—filing / registering it with the state—does a number of things for both parties involved.

What Does “Secured Property” Mean? Most lenders make two different types of loans: those that are secured by an asset, such as a home or a car, and those that are unsecured by any tangible asset. These are known as “unsecured loans” or “unsecured debt”; a good example is credit card debt.

Top tips to secure your property

Always remember to lock all doors and windows. Keys - don't leave keys in locks in front and back doors. Keep keys accessible but out of sight and in a safe place. Alarm – consider installing a burglar alarm and remember to use it.

Three steps are required for attachment of a security interest: value must be given, the debtor must have rights in the collateral or the power to transfer rights in the collateral to the secured party, and the debtor must sign or authenticate a security agreement.

A security interest exists when a borrower enters into a contract that allows the lender or secured party to take collateral that the borrower owns in the event that the borrower cannot pay back the loan. The term security interest is often used interchangeably with the term lien in the United States.

Security Property means property provided as collateral for a Facility that, in substance, secures payment or performance of an obligation under the Facility. This could be real estate, a car, a piece of equipment, shares or any other asset we consider acceptable.

Signature by Debtor and Owner

The debtor or an authorized agent must sign the security agreement. Security agreements can be ruled invalid because of mistakes in the debtor's name. Be careful of related entities to make sure that the signature on your security agreement matches the correct legal name of the debtor.

What is the legal definition of a security agreement? ›

A security agreement, in the law of the United States, is a contract that governs the relationship between the parties to a kind of financial transaction known as a secured transaction.

UCC Financing Statement (usually called a UCC-1 Form) is a form that creditors file with states in which they have a security interest in a debtor's personal property.

To give security; to assure of payment, performance, or indemnity; to guaranty or make certain the payment of a debt or discharge of an obligation. One “se- cures” his creditor by giving him a lien, mortgage, pledge, or other security, to be used in case the debtor fails to make payment.

Property is secured by laws that are clearly defined and enforced by governments. These laws define ownership and any associated benefits that come with holding the property.

(3) The term “protected property” means any property specifically protected by the law of war, including buildings dedicated to religion, education, art, science, or charitable purposes, historic monuments, hospitals, and places where the sick and wounded are collected, but only if and to the extent such property is ...

A secured debt is a debt that is secured by property. If you don't repay the debt according to your contract—for example, you fail to make your monthly payment—the creditor has the right to take back the secured property, such as your home or car. In contrast, your unsecured creditors don't have the same rights.