What is secured property?
Secured property is any kind of property in which someone other than yourself has a “security interest.” Generally speaking, a security interest is some piece of ownership in an item of property entitling another to claim the property if some event occurs or doesn’t occur. For example, a financed car is often secured by some entity that can repossess the car if payments aren’t made. In this example your default on the note is the relevant event that allows another entity to repossess the property.
