Secured party
The person who holds the security interest: the supplier, lessor, lender or consignor.
On the register the secured party is identified through a secured party group. The secured party is the one who registers, who receives the verification statement, and who is entitled to the collateral or its proceeds ahead of unsecured creditors if the grantor defaults or goes into insolvency.
Related terms
- Secured party group (SPG) — The identity a secured party uses on the PPSR; one or more secured parties with a number and an access code.
- Grantor — The person who grants the security interest: the customer, buyer, hirer or borrower.
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