Security which confers certain property rights over an identifiable asset is taken as a secondary means of repayment should the borrower default or the financed transaction fail to complete successfully. The type of security used by the structured trade and receivable financier is described. The importance of the law of the place (‘lex situs’) to the perfection of possessory security by the financier over goods, right of sale, and disposal of proceeds is described. The importance of the net realisable value of goods after disposal costs and use of the financing ratio to determine the amount of support is explored. The methods by which a financier can benefit from the client’s receipt of a bank guarantee are also discussed.