The instrument filed to perfect the security agreement and give constructive notice of the security interest, thereby protecting the interest of the secured parties. (See Security Agreement; Security Interest; and Secured Party.) The security interest in personal property. It is analogous to a mortgage on real property, except that it secures personal property. Under the U.C.C., it may be filed in Sacramento with the secretary of state. Back to the Top
A document that is executed by the borrower and filed among public filing offices in order to perfect the lender's security interest in personal property.
A recorded instrument, taking the lace of personal property liens in some states. Used instead of chattel mortgages, inventory liens, pledges, etc.