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Security Interest
A legal claim or lien on assets or property, granted to secure the performance of an obligation or repayment of a debt.
Consumer Good
Goods produced and purchased for personal use, as opposed to those made for production or commercial use.
Perfected Interest
A legal status that gives a creditor priority over others in claiming collateral or property rights, typically involving a secured transaction that has been properly filed or recorded.
Chapter 13 Bankruptcy
A type of bankruptcy in the U.S. that allows individuals earning regular income to draft a plan to repay all or part of their debts over a period of time.
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