6-19/240.83 Security in Possession of Secured Party



The interest of a debtor in a certificated security for which the certificate is in the possession  of a secured party, or in an uncertificated  security registered in the name of a secured party, or a security entitlement maintained in the name of a secured party, may be reached by a creditor by legal process upon the secured party. (COMM 8112(d))  "Secured party" means  a lender, seller or other person in whose favor there is a security interest, including  a person to whom accounts or chattel paper have been sold.  If a security interest is in favor of a trustee, indenture trustee, agent, collateral agent, or other representative, the representative is the secured party.  "Security agreement" means an agreement which creates or provides for a security interest.