When a person lends money to someone or supplies goods on credit, depending on the transaction, the lender or supplier will generally require some form of collateral security, which may be a property owned by the borrower or a third party prepared to stand as surety. In addition, some forms of security arise automatically. If the debtor fails to pay for the goods or repay the loan, the lender reimburses themselves by enforcing their rights against the property charged or the surety. Book III of Thailand’s Civil and Commercial Code (CCC) provides that the law of security interest is a distinct type of contract whereby a security interest is provided to a creditor, granting the creditor with a security interest priority over other creditors of the debtor. By the effect of the law, a secured creditor has the right to be paid before an unsecured creditor if the debtor is unable to repay the debt. The creditor may exercise the right to enforce payment through the security interest provided by the debtor.