Private Security Agreement
/ˈpraɪvɪt səˈkjʊərəti əˈɡriːmənt/
Definitions
- (n.) A security interest created by a debtor granting a secured party rights in specified collateral to secure repayment of a debt or performance of an obligation.
The creditor perfected its claim by filing a private security agreement with the appropriate government office.
Forms
- private security agreement
- private security agreements
Related terms
See also
Commentary
Typically used within the framework of the Uniform Commercial Code (UCC) to document the grant of a security interest in personal property; must be in writing and describe collateral sufficiently to be enforceable.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.