A contract between a creditor and third party who agrees to pay another's debt. 

An agreement which gives a secured interest by the debtor to the secured party.

Person/party that has the obligation to a secured party.

An interest formed when debtor uses borrowed money from secured party to buy the collateral.

Interest in personal property that secures payment/performance of an obligation.

Security interest in which a creditor has a legally protected their interest or claim to the collateral.

Person/party that holds interest in secured property.

Property subject to a security interest. 

Third party is secondarily liable to pay and must pay debt only after debtor has defaulted.