Simplify. -

question 133

Multiple Choice

Simplify.
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Definitions:

Collateral

An asset pledged as security for repayment of a loan, to be forfeited in the event of a default.

Liens

Legal claims or holds on property as security for the payment of a debt or performance of some obligation.

Priority

The status of being more important or urgent than something else, often determining the order in which tasks or responsibilities are addressed.

Secured Transaction

Any transaction in which the payment of a debt is guaranteed, or secured, by personal property owned by the debtor or in which the debtor has a legal interest.