System Convergence Is an Effort to Bring All Systems Together

question 40

Essay

System convergence is an effort to bring all systems together.Explain how this can benefit private security.

---

Definitions:

Re-Perfect

The act of renewing or restoring a security interest or claim in property to its original status or priority, generally after it has been lapsed or compromised.

Security Interest

A legal claim or lien on collateral that has been pledged, usually to secure a loan or obligation.

Financing Statement

A document filed to give public notice that a lender has a security interest in a debtor's asset, used in securing financing.

Perfected

In law, refers to a state where a security interest or lien secures payment or performance of an obligation to its fullest legal extent.