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A life interest (or life rent in Scotland) is a form of right, usually under a trust, that lasts only for the lifetime of the person benefiting from that right. A person with a life interest is known as a life tenant. A life interest ends when the life tenant dies. An interest in possession trust is the most common example of a life interest trust. In a typical interest in possession trust, the life tenant receives all the income from the trust for the rest of his or her life.
Noun. 1. security interest-any interest in a property that secures the payment of an obligation. stake, interest - (law) a right or legal share of something; a financial involvement with something; they have interests all over the world; a stake in the company's future.