Factoring Company- Glossary > Factoring Terms > Security Interest

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An interest in property, other than real estate, which is given as security for a debt or other obligation. A security interest is created by execution of a security agreement and one or more financing statements under the Uniform Commercial Code (UCC-1s), which are then placed on record with the Secretary of State and/or with the county recording office where the property is located.

Last updated on September 28, 2009 by FACTOR KING, LLC