Secured Party Law and Legal Definition

Pursuant to the Uniform Commercial Code, "Secured party" means a person in whose favor a security interest is created or provided for under a security agreement, whether or not any obligation to be secured is outstanding. Moreover, the term includes a person that holds an agricultural lien; a consignor; a person to which accounts, chattel paper, payment intangibles, or promissory notes have been sold; a trustee, indenture trustee, agent, collateral agent, or other representative in whose favor a security interest or agricultural lien is created