A security interest is like a lien on personal property that allows the creditor to take possession of the property if the debtor defaults.

Name: A security interest is like a lien on personal property that allows the creditor to take possession of the property if the debtor defaults.
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A security interest is a lien on personal property that secures a debt or an obligation. If the debtor defaults on the loan, the creditor can take possession of the property to satisfy the debt.

A Security Interest Is Like a Lien on Personal Property