Examlex
The Second Amendment to the Constitution guarantees everyone the right to bear arms. Therefore it should be legal for those undercover Al Qaeda members to buy a carload of shoulder-launched surface-to-air missiles.
Debtor Defaults
A situation where a debtor is unable to meet the legal obligation of debt repayment.
After-Acquired Property
Property acquired by a debtor after the execution of a security agreement, which may still be subject to claims by secured creditors under certain agreements.
Secured Perfected Creditor
This term relates to a creditor who has taken the necessary legal steps to secure a lien against a debtor's property, ensuring a strong claim to the property in the event of default.
Purchase-Money Security Interest
A security interest in goods that secures credit extended by the seller or lender for the purchase of those goods.
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