Every interest in personal property that guarantees the payment or performance of an obligation is a security interest .

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A security interest is a legal right granted by a debtor to a creditor over the debtor's property (personal property in this case) which gives the creditor assurance that the debtor will repay the debt or perform the obligation; if not, the creditor has the right to take possession of the property used as security.

Every Interest in Personal Property That Guarantees the Payment or Performance