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When Does a Duty Arise in Nonfeasance Cases

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When does a duty arise in nonfeasance cases?


Definitions:

Secured Party

An individual or entity that holds an interest, typically a security interest, in another's property as collateral for a debt.

Relinquish

To voluntarily give up or surrender a claim, right, or possession.

Security Agreement

A legal document that specifies the collateral for a secured loan, establishing the lender's rights to the secured property.

Rights and Duties

The legal entitlements and obligations that are held by individuals and entities under the law.

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