Examlex
The second step in the scientific method involves:
Perfection by Possession
A legal principle that secures a creditor's interest in a debtor's collateral upon taking possession of it.
Secured Party
A lender or creditor who has a security interest in collateral owned by the debtor, which gives them a legal right to the property if the debtor defaults.
Secured Perfected Creditor
Refers to a creditor who has taken the necessary legal steps to secure a right in the borrower’s collateral, ensuring priority over claims made by other creditors.
After-Acquired Property
Property acquired by a debtor after an agreement or court order, which may become subject to claim by creditors.
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