Explain the term 'Security Interest' under the SARFAESI Act, 2002.

Security Interest According to section 2(zf) of the SARFAESI Act, 2002, 'Security interest' means right, title or interest of any kind, other than those specified in section 31, upon property created in favour of any secured creditor and includes - any mortgage, charge, hypothecation, assignment or any right, title or interest of any kind, on tangible asset, retained by the secured creditor as an owner of the property, given on hire or financial lease or conditional sale or under any other contract which secures the obligation to pay any unpaid portion of the purchase price of the asset or an obligation incurred or credit provided to enable the borrower to acquire the tangible asset; or such right, title or interest in any intangible asset or assignment or licence of such intangible asset which secures the obligation to pay any unpaid portion of the purchase price of the intangible asset or the obligation incurred or any credit provided to enable the borrower to acquire the intangible asset or licence of intangible asset.