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Security Interest

As defined in BRA s101(51), "'security interest' means lien created by agreement". Thus, a security interest is a type of lien that is distinguished from other liens in that it is consensual, i.e., created by agreement. A creditor who has an enforceable security interest in property of the estate has a secured claim to the extent provided for in BRA s506. As with other secured claim holders, the holder of a valid security interest is entitled to be satisfied "off the top," meaning before priority and general unsecured claims are satisfied.