purchase money security interest
purchase money security interest see interest 1

Merriam-Webster’s Dictionary of Law. . 1996.

purchase money security interest

Webster's New World Law Dictionary. . 2000.

Look at other dictionaries:

  • purchase-money security interest — (PMSI) USA A special type of security interest provided for under the Uniform Commercial Code to enable purchases of property (UCC § 9 324). A lender that advances money used by a buyer to make a purchase or a seller that e …   Law dictionary

  • Purchase Money Security Interest — (Purchase Money Security Interest or PMSI pronounced pimzee ) A security that a person takes in property, such as inventory for example, that secures payment with regard to those assets of all or part of its purchase price. (Dictionary of… …   Glossary of Bankruptcy

  • security interest — see interest 1 Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. security interest …   Law dictionary

  • security interest — Interest in property obtained pursuant to security agreement. In re Wilson, Bkrtcy.Pa., 25 B.R. 61, 63. A form of interest in property which provides that the property may be sold on default in order to satisfy the obligation for which the… …   Black's law dictionary

  • purchase-money obligation — USA The obligation secured by a purchase money security interest under the Uniform Commercial Code (UCC § 9 103(a)(2)). Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010 …   Law dictionary

  • purchase money interest — A security interest in a debtor s property that is created when the creditor s extension of credit to the debtor is used by the debtor to acquire the property that is used to secure the transaction. American Banker Glossary …   Financial and business terms

  • interest — in·ter·est / in trəst; in tə rəst, ˌrest/ n [probably alteration of earlier interesse, from Anglo French, from Medieval Latin, from Latin, to be between, make a difference, concern, from inter between, among + esse to be] 1: a right, title, claim …   Law dictionary

  • purchase — Transmission of property from one person to another by voluntary act and agreement, founded on a valuable consideration. Spur Independent School Dist. v. W. A. Holt Co., Tex.Civ.App., 88 S.W.2d 1071, 1073. To own by paying or by promising to pay… …   Black's law dictionary

  • security — Protection; assurance; indemnification. The term is usually applied to an obligation, pledge, mortgage, deposit, lien, etc., given by a debtor in order to assure the payment or performance of his debt, by furnishing the creditor with a resource… …   Black's law dictionary

  • security — se·cur·i·ty /si kyu̇r ə tē/ n pl ties 1 a: something (as a mortgage or collateral) that is provided to make certain the fulfillment of an obligation used his property as security for a loan b: surety see also …   Law dictionary

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