A secured party is a person or entity in whose favor a security interest is created or provided for under a security agreement, regardless of whether an obligation to be secured is currently outstanding.
For example, a secured party can be: a person that holds an agricultural lien, a consignor, someone to whom accounts, chattel paper, payment intangibles, or promissory notes have been sold.
[Last updated in June of 2024 by the Wex Definitions Team]
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