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Mortgagees
Banks or other financial institutions that lend money to borrowers (mortgagors) for the purchase of property, holding a lien on the property as security for the repayment of the loan.
Security Interest
A security interest is a legal right granted by a debtor to a creditor over the debtor's property to secure the repayment of a debt.
Financing Statement
A document filed to indicate a security interest in personal property, used to publicize a creditor's right to possible repossession of goods.
Perfection
In legal finance, it refers to the process of securing a lien or interest in a borrower's collateral, making it legally enforceable against third parties.
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