interest in property created by the operation of law or by agreement to repay a
loan; a lien on personal property created by an agreement.
purchase-money security interest
Interest taken by the collateralÂ’s seller, such as an
automobile. It is a purchase-money security interest, created by a bank, allowing
one to pay off the cost of a car on an installment basis while enjoying its
use. The bank retains the title until the full amount (along with interest) has