Examlex
Which of the following statements about clauses and phrases is most accurate?
Debtor's Estate
The total assets available to a debtor that can be used to settle debts in bankruptcy or insolvency proceedings.
Trustee
A person who operates a trust for beneficiaries in a business trust. In bankruptcy proceedings, an individual who takes over administration of a debtor’s estate.
Secured Party
An individual or entity that has a legal interest or lien on a debtor's property, secured by a security agreement, ensuring priority payment in case of debtor's default.
Collateral
Property or other assets that a borrower offers to a lender to secure a loan.
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