Examlex
A(n)____________________ is a duplicate of a file, program, or disk that can be used if the original is lost, damaged, or destroyed.
Perfection
In legal and financial contexts, the process of securing an interest in property to achieve priority over third parties in relation to the property.
Secured Interest
A property interest created by agreement or by law over assets to secure the performance of an obligation, usually the payment of a debt.
Collateral
Assets pledged by a borrower to secure a loan or credit, which can be seized by the lender if the borrower fails to repay according to the agreed terms.
Repossessing
Repossessing refers to the process of a lender taking back possession of property (typically collateral) when the borrower fails to make required payments.
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