I'm not sure I understand your question.
If you mean can you get a secured loan on non-existent property, I would say no - that would be fraud.
If you are asking what happens when you have a loan secured by property that exists, but then the property is destroyed, then I would say the loan is then reduced to an unsecured status.
If you are asking what happens when you have a loan secured by property that exists, but then the property is given away or sold, then it gets blurry. The creditor would probably have a claim against the buyer for getting rid of the collateral in violation of the security agreement without the creditor's approval. This could be viewed as simple breach of contract
, or even as fraud. If the creditor knew the collateral was being gotten rid of and consented, then this would probably just reduce it to an unsecured loan.
I'm not sure if I answered your question, so if not, please let me know and I will try.
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