LAW 122 Chapter 23: Chapter 23- Security Interest.docx

• School: Ryerson University
• Department: Law and Business
• Course: LAW 122
• Professor: Theresa Miedema

Document Summary

Chapter 23 security interest: security interest, guarantees. A security interest allows a creditor to seize some of a debtor"s personal property if a debt is not repaid, usually without the delay and expense of going to court. Collateral- is property that is subject to a security interest. Security party- is a creditor that has a security interest. Granting a security interest in a specific asset. Chattel mortgage: is a transaction in which a debtor gives a creditor title to some specific personal property to secure the performance of an obligation it owes to the creditor. Assignment of a/r: allows a creditor to collect debts owing to a debtor if the debtor does not fulfill their obligations to the creditor. *if a consignee has an unrestricted right to return the goods under the consignment, the consignor does not have a security interest. Granting a security interest in all of the debtor"s assets.