Massachusetts Sample Letter for Binding First Security Interest
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How to fill out Sample Letter For Binding First Security Interest?
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FAQ
Security interest is an enforceable legal claim or lien on collateral that has been pledged, usually to obtain a loan. The borrower provides the lender with a security interest in certain assets, which gives the lender the right to repossess all or part of the property if the borrower stops making loan payments.
Security Interest Holder means any Person named as a mortgagee or beneficiary, or in a similar capacity, under any Security Interest or any successor to the interest of any such Person under such Security Interest.
First Security Interest means a Security Interest (as hereinafter defined) that has priority of record over all other recorded liens except those 1iens made superior by statute (such as general ad valorem tax liens and governmental special assessments).
Related Definitions Secured interest holder means a person who is a secured creditor, mortgagee, lienholder, or other person who has a valid claim, security interest, mortgage, lien, leasehold, or other interest in the property subject to forfeiture. The term does not include the defendant or an innocent owner.
A lender may perfect a security interest in an instrument either by filing or possession. Priority as between a secured party having possession and the secured party having a filing goes to the secured party having possession.
In the U.S. the term "security interest" is often used interchangeably with "lien". However, the term "lien" is more often associated with the collateral of real property than with of personal property. A security interest is typically granted by a "security agreement".
To put it in simple terms, the secured party is the creditor on the UCC loan. The creditor is the secured party because they have a financial interest in the collateral which the lien is on.