Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

security definition

What does security mean? In legal practice, security means money or other assets provided as a guarantee that a legal obligation will be performed, with forfeiture if it is not. In criminal proceedings, it most often refers to a cash deposit or equivalent required as a condition of bail to secure a defendant’s attendance at court and compliance with bail; failure to surrender may lead to forfeiture. The concept and procedures are set by bail legislation and court rules in each jurisdiction. Practice varies: in England & Wales and Northern Ireland, courts commonly take recognisances, with or without sureties, and may require a...

Consumer credit security under the Consumer Credit Act 1974: creation, documentation, common forms (mortgages over land, guarantees, bills of sale, pawns), information duties and enforcement limits

Published by a LexisNexis Financial Services expert

Practice notes

This Practice Note outlines when and how lenders may obtain and realise security under sections 105–126 of the Consumer Credit Act 1974 (CCA 1974), covering the creation of security, typical forms used in consumer credit arrangements, and methods of enforcement. For guidance on routes to enforce judgment debts arising from consumer credit, see Practice Note: Enforcing a Consumer credit agreement.

General

Consumer credit agreements are frequently supported by some form of security, granted by the borrower or by a third party. Such security affords lenders vital protection against the risk that a defaulting borrower cannot meet any judgment obtained against them. It may, however, impose a significant burden on the borrower, for instance where the collateral is a charge over their home. As a result, the obtaining and enforcement of security are tightly regulated by CCA 1974. The principal rules appear in sections 105–126 of CCA 1974, and lenders are not free to contract out of them. Observance of these requirements is critical. A lender that fails to comply must apply to the court for an order before any enforcement is taken in relation to security under a consumer credit agreement within CCA 1974, and may proceed to enforce the...

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Web page updated on 21/05/2026

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