Secured Party's claim to assets pledged by a Debtor securing payment of an obligation. A Secured Party's interest, also known as a Lien is said to attach to the Debtor's property, and consists of two limited rights: Foreclosure and Priority. A Secured Party who files a Financing Statement which is often the same document as the Security Agreement with the appropriate state or county official gives legal notice to other creditors that a lien has been filed. This process, known as perfecting a lien, commonly is done in commercial lending of a lien that is valid against claims of other creditors and most third parties