Perfection of security interests means different things to lawyers in different jurisdictions.
Some obligations are backed only by a security interest against specific designated property, and liability for repayment of the debt is limited to the property itself, with no further claim against the obligor. These are referred to as "nonrecourse obligations". Traditionally security interests in common law can be divided either of two ways. Of course, both transactions much more complicated than this short note indicates. Trustee to sell the property at the request of the lender when the borrower is in default.
The following is a summary of the main types of security interests and some of the differences between them. Under English law and in common law jurisdictions derived from English law, there are broadly eight types of proprietary security interest that can arise. Perfection of security interests means different things to lawyers in different jurisdictions.