Instructions: Identify the Following Terms

question 48

Short Answer

Instructions: Identify the following terms:
"Plumbers"

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Definitions:

Unsecured Creditor

A creditor that does not have a claim to specific assets of the borrower as collateral for the debt, placing them at a higher risk of loss.

Secured Creditor

A secured creditor is an individual or entity that lends money with the protection of collateral, ensuring prioritized repayment in case of debtor default.

Re-perfect

The action of renewing or maintaining perfection of a security interest or lien to preserve its priority status against other claims.

Security Interest

A legal claim or right granted to a creditor or lender on a debtor's property as a security for a debt.