IV. G. — 1:101 Definitions

a ‘dependent personal security’ is an obligation by a security provider which is assumed in favour of a creditor in order to secure a right to performance of a present or future obligation of the debtor owed to the creditor and performance of which is due only if, and to the extent that, performance of the latter obligation is due;

an ‘independent personal security’ is an obligation by a security provider which is assumed in favour of a creditor for the purposes of security and which is expressly or impliedly declared not to depend upon another person's obligation owed to the creditor;

the ‘security provider’ is the person who assumes the obligations towards the creditor for the purposes of security;

the ‘debtor’ is the person who owes the secured obligation, if any, to the creditor, and, in provisions relating to purported obligations, includes an apparent debtor;

a ‘co-debtorship for security purposes’ is an obligation owed by two or more debtors in which one of the debtors, the security provider, assumes the obligation primarily for purposes of security towards the creditor;

a ‘global security’ is a dependent personal security which is assumed in order to secure a right to performance of all the debtor's obligations towards the creditor or a right to payment of the debit balance of a current account or a security of a similar extent;

‘proprietary security’ covers security rights in all kinds of assets, whether movable or immovable, corporeal or incorporeal; and

the ‘secured obligation’ is the obligation the right to the performance of which is secured.