Describe Three Things That Create Resource Dependency

question 35

Essay

Describe three things that create resource dependency.

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Definitions:

Disposition

The act of transferring or disposing of an asset or property, or the manner in which someone is inclined to behave or feel.

Collateral

Assets pledged by a borrower to secure a loan or other credit, which the lender can seize if the borrower defaults.

PMSI

Purchase Money Security Interest, a legal claim that allows a lender to repossess or foreclose on property if the borrower defaults, specifically when the loan was used to purchase the property.

Priority Rule

A principle in law that determines the precedence of claims, rights, or interests in order to resolve conflicts between parties.