What are the types of items that can be secured by a security interest?

A security interest allows an individual or a business to use an item as collateral to secure a debt or loan. In Washington, four types of items that can be secured by a security interest are: 1. Cash Accounts: Cash accounts are bank accounts, or monies held in a financial institution, that can be secured with a security interest. Most loans or deeds of trust are secured with a cash account. 2. Personal Property: Personal property is any item of tangible, movable property that can be acquired or disposed of and owned. This includes vehicles, business equipment, furniture, jewelry, appliances, and any other items of value. 3. Instruments: An instrument is an asset of value made out to a party other than the lender, including promissory notes, drafts, checks, and any other documents of value. 4. Real Property: Real property is any land, building, or other permanent structure that is owned by the debtor and can be used as collateral to secure the debt or loan. The lender will have a lien placed on the real property if it is used as collateral. These four types of items can be secured by a security interest, allowing someone to use an item as collateral to secure a debt or loan. It is important to remember that all loans in Washington must follow state laws and regulations to be legally binding.

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What are the types of items that can be secured by a security interest?

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