Security interest - Definition / Legal Terminology and Intorduction - Insolvency and Bankruptcy

As per section 3(31) of the Insolvency and Bankruptcy Code, 2016 Security interest means- right, title or interest or a claim to property, created in favour of, or provided for a secured creditor by a transaction which secures payment or performance of an obligation and includes mortgage, charge, hypothecation, assignment and encumbrance or any other agreement or arrangement securing payment or performance of any obligation of any person: Provided that security interest shall not include a performance guarantee;