Security Agreement
/sɪˈkjʊərɪti əˈgriːmənt/
Definitions
- (n.) A contract in which a debtor grants a lender a security interest in collateral to secure repayment of a debt or obligation.
The parties executed a security agreement to secure the loan with the borrower's equipment.
Forms
- security agreements
Related terms
See also
Commentary
Security agreements must clearly describe the collateral to perfect the secured interest and avoid ambiguity in enforcement.
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.