Debtor

Business Law
Eric Gros-Dubois

Perfecting the Security Interest

A secured party should perfect their security interest, after attachment, in order to fully ensure its legal rights against a third party claiming that they have an interest in the same collateral. By perfecting a security interest, a secured party gains priority over subsequent creditors claiming the same collateral.

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Business Law
Eric Gros-Dubois

What is a Security Interest?

A security interest occurs when a debtor, which can be a person or business, borrows money from a creditor or more specifically a secured party and they agree to execute a security agreement. In the event the debtor defaults by not paying back the loan or by violating a provision in the agreement, the secured party can seize the collateral and may sell it to satisfy the debt.

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The Entrepreneur's Handbook

This is a quick legal reference guide covering 16 topics that every business owner needs to have to start a business