security deed

security deed
A term probably confined to the state of Georgia and there meaning a deed conveying the legal title to land as security for the payment of a debt. Upon default in payment, the holder of the debt reduces it to judgment, and the holder of the legal title to the land makes and places of record a quitclaim conveyance to the debtor, reinvesting him with the legal title. The land may then be levied upon and sold to satisfy the judgment. Scott v Paisley, 271 US 632, 633, 70 L Ed 1123, 1124, 46 S Ct 591. See deed of trust; mortgage.

Ballentine's law dictionary. . 1998.

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