Enforcement of Security Interest

Enforcement of a security interest refers to the legal process by which a lender or creditor ensures repayment when a borrower defaults on a loan secured with collateral, such as property or assets. If the borrower doesn't pay as agreed, the creditor has the right to take steps to seize and sell the collateral to recover the owed amount. This process is governed by laws to protect both parties' rights, ensuring that the creditor can recover their money while the borrower is treated fairly.