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Security Instrument
By Contributor on November 10, 2018
A security instrument is a generic word used to describe an interest in property creditors have that allows them to sell it upon default of the agreed obligation between the parties involved.
This is most commonly observed in a mortgage where the property in question is a security instrument for which a security interest is created.
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Depending on the geographic area, this might be referred to as a a security deed or trust deed.
Should a borrower default on the mortgage loan debt, the lenders will have the legal right to foreclose the property, which is the security instrument, in order to pay themselves.
The debtor however, will usually have opportunities for recourse along the process.
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