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Security interest: security | ||
Security interest is a property interest created by agreement or by operation of law over assets to secure the performance of an obligation (usually but not always the payment of a debt) which gives the beneficiary of the security interest certain preferential rights in relation to the assets. The rights vary according to the type of security interest, but in most cases (and in most countries) the main rights and purpose of the security interest is to allow the holder to seize, and usually sell, the property to discharge the debt that the security interest secures. Under English lawUnder English law and in common law jurisdictions derived from English law, there are broadly eight types of proprietary security interest that can arise. These are: "true" legal mortgage equitable mortgage statutory mortgage fixed equitable charge, or bill of sale floating equitable charge pledge, or pawn legal lien equitable lien hypothecation, or trust receipt Traditionally security interests in common law can be divided either of two ways. They can be categorised as either possessory or non-possessory (depending upon whether the secured party actually needs to have possession of the collateral). Alternatively, they can be characterised whether they arise by consent between the parties (usually by executing a security agreement), or by operation of law. In practice, some security interests can arise either by operation of law or by agreement, and so the preferred categorisation is between possessory and non-possessory security interests. For simplicity, the discussion of the various forms of security interest that follows is principally based upon the English law position. This has been followed in most common law countries, and most common law countries have similar property statutes[4] regulating the common law rules. Copyright 2008 - France BtoB from Wikipédia
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