Non-possessory security right definition

Non-possessory security right means a security right in: (i) tangibles that are not in the actual possession of the secured creditor or another person holding the tangibles for the benefit of the secured creditor, or (ii) intangibles.

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Non-possessory security right means a security right in tangible property that is not in the possession of the secured creditor;

Non-possessory security right means a security right in (i) tangible property that is not in the actual possession of the secured creditor or another person holding the tangible property for the benefit of the secured creditor, or