Examlex
Which of the following is a characteristic unique to chordates?
Security Interest
A legal claim or lien on collateral that gives the creditor the right to take possession of the asset if the debtor defaults on their obligations.
Article 9
A provision of the Uniform Commercial Code (UCC) that governs secured transactions or agreements involving personal property as collateral.
Collateral
Assets pledged by a borrower to secure a loan or guarantee repayment, which can be seized by the lender if the borrower fails to pay.
Security Instrument
A legal document that creates a lien on a property, securing the repayment of a loan or performance of an obligation.
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