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Security

A charge or mortgage over assets taken to secure payment of a debt. If the debt is not paid, the lender has a right to sell the charged assets. Security documents can be very complex. The commonest example is a mortgage over a property.

(Please Note: The definitions are not intended to be exhaustive summaries of the Law. They are based on material from The Insolvency Act 1986 , and other Acts dealing with this subject.)

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