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Gretchen thinks about Christopher Columbus, which reminds her of Spain, which in turn reminds her that she needs to do her homework for her Spanish class.Gretchen's train of thought best illustrates:
Unsecured Note
A financial instrument that represents a loan not backed by collateral, typically entailing higher risk for the lender.
Entitled to Priority
Entitled to priority refers to a situation where certain claims, such as debts or interests, are given precedence over others in the event of a bankruptcy or liquidation.
Secured Creditors
Creditors who have a legal claim or lien on specific assets of the debtor as collateral for the debt.
Unsecured Creditors
Creditors who have claims on the assets of a debtor but no collateral securing those claims.
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