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+{{a|security|}}{{quote|
+“It is sometimes said that there are only four types of consensual [[Security interest|security right]] known to the law, namely [[pledge]], [[lien]], [[mortgage]] and [[charge]].” <br> — Briggs J in {{casenote1|Re Lehman Brothers International}} }}
 {{tag|Security}} can take many forms, depending on your legal system.  We here are principally concerned with the common law. That is, the proper one. The overweening piece of statute here is the [[Law of Property Act 1925]].
-There are {{tag|legal security}} interests - which involve transfer of the legal title to the [[secured property]] — a good example is a fully registered [[mortgage]], and {{tag|equitable security}} interests, where [[legal title]] is ''not'' transferred but the [[security holder]] acquires enough of a [[beneficial interest]] to take the asset out of the direct insolvency estate of the debtor. Good examples here are [[charge]]s and [[Assignment by way of security|assignments by way of security]] — by their nature are always equitable.
+===Types of security interest===
+There are:
+*'''{{tag|legal security}} interests''' — which involve [[Title transfer|transfer]] of the legal title to the [[secured property]] — a good example is a fully registered [[mortgage]], and
+*'''{{tag|equitable security}} interests''' — where [[legal title]] is ''not'' transferred but the [[security holder]] acquires enough of a [[beneficial interest]] to take the asset out of the direct insolvency estate of the debtor. Good examples here are [[charge]]s and [[Assignment by way of security|assignments by way of security]] — by their nature are always equitable.
 Legal security interests can (and often do) revert to equitable security interests if they fail for formal or procedural reasons.
+===Types of legal security interest===
+*Properly [[perfect]]ed [[Mortgage]]s
+*[[Lien]]s in all their multifarious manifestations
+*[[Pledge]]s — though under English law a surprisingly rare beast.
+==={{t|Collateral}}: A {{t|Trick for young players}}===
+“{{t|Collateral}}” can be represented by, but is ''not'' the same as, a {{t|security interest}}.
+A [[title transfer collateral arrangement]] where one party delivers [[collateral]] to another as credit support in the hopeful expectation that, at a later time, it will get an [[equivalent]] thing back<ref>Such as is witnessed under a {{1994csa}} or a {{GMSLA}} for example.</ref>, is ''not'' a {{tag|legal security}} interest. It isn’t a security interest at all, in fact. This is good, because there is none of this tedious mucking around with equity, formalities, registration and the fear and loathing of transactional lawyers that accompanies them. The worst that can do is issue veiled threats about the risk of [[recharacterisation]], but this is poor form and really rather [[passive aggressive]] behaviour, in this correspondent’s opinion.
-{{See also}}
+{{amending security interests}}
+{{sa}}
 *[[Charge]]
 *[[Law of Property Act 1925]]
+*[[Law of Property (Miscellaneous Provisions) Act 1994]]
 *[[Nosferatu]]
+{{ref}}