An interest in personal property or fixtures which secures payment or performance of an obligation is a called a(n) ________.

A) debenture
B) secured interest
C) promissory note
D) mutual-benefit bailment
E) accord and satisfaction

Secured Interest

A legal claim or lien on collateral pledged by a borrower to secure a loan, providing the lender with rights to the property if the borrower defaults.

Personal Property

Movable property that is not fixed to one location and can be owned by an individual, as opposed to real property or real estate.

Mutual-Benefit Bailment

A contractual agreement where both the bailor and bailee receive benefits from the arrangement of temporarily transferring personal property.