Chargee

A “chargee” is a person or entity that holds a security interest or charge over the property of another individual or entity, usually in the context of a secured loan or credit arrangement. The chargee has the legal right to take possession of and, if necessary, sell the charged property to satisfy the debt or obligation if the borrower (known as the chargor) defaults on their payments or obligations. The chargee’s rights are established by the terms of the security agreement and are intended to protect the lender’s interest in the event of non-payment.