Completion: -American Courts Adhere to the Doctrine of Following Precedent, Which

question 36

Short Answer

Completion:
-American courts adhere to the doctrine of following precedent, which is known as ________.

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Definitions:

Secured Transactions

A financial arrangement where the borrower guarantees the repayment of a debt by giving the lender a security interest in certain assets as collateral.

Security Interest

A legal claim or right granted by a debtor to a creditor over the debtor's property, securing the payment of a debt or performance of some other obligation.

Collateral

An asset offered by a borrower to secure a loan or other credit, which the lender can seize if the loan is not repaid.

Future Advances

Money or other value provided to a debtor by a creditor subsequent to the time a security interest in the debtor’s collateral is taken by that creditor.