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security interest


security interest, defined:

the acquired right of a creditor to seize (attach) property used as collateral for a debt in the event the debtor defaults on that debt.

security interest, as it might be used:

A security interest taken to secure payment for any work requiring a contractor's license is unenforceable unless contractor was duly licensed.

An example of security interest:

Fergus and Fiona are shopping for a new car when they spot the perfect model. They negotiate terms with the car dealer and secure financing through their credit union. When they sign the loan documents, the credit union pays the dealer and takes a security interest in the car by holding the title until Fergus and Fiona have paid off the loan.
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