A security interest is a lien that is marked on a secured item belonging to the borrower that gives the lender a legal right to sell that security interest in case the borrower defaults. The proceeds from selling the asset pledged will be used to pay off the amount of the loan.
Normally banks grant loans against a property pledged as collateral but the amount of security interest is higher than the amount granted as loan. For example, a bank may offer a $75,000 loan against a security interest of worth $100,000.
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The text offers a hypothetical case concerning Tele Maker, which sells
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1. Eugene Ables ran an excavation company. He borrowed $
