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Jane Calvert is applying for a loan from a bank.The bank knows she owns a house worth $160,000 and a car with a trade-in value of $12,000 as well as other personal assets worth approximately $44,000.Which one of the 5 Cs of credit is the bank looking at?
Perfection
In law, especially regarding secured transactions, refers to the act of making a security interest enforceable against third parties by fulfilling legal requirements.
Financing Statement
A document filed by a creditor to announce a security interest in a debtor's assets, used in securing loans.
Security Agreement
A legal contract that grants a lender a security interest in a specific asset or property pledged as collateral by the borrower.
UCC
Short for Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States.
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