Examlex
Suppose a child typically spends two hours a day watching television. A parent then allows the child only 30 minutes of free television a day. As a result, the child is now willing to work (e.g., clean up her room) to obtain more access to television. This example best describes
Unperfected Security Interest
A claim or lien on property or assets that has not been formally registered or publicized, making it vulnerable to third-party claims.
Bankruptcy Petition
A formal request filed in a bankruptcy court for protection from creditors, initiating the bankruptcy process.
Security Interest
A legal claim or right granted over assets as collateral to secure the performance of an obligation, usually repayment of a loan.
Chapter 7
A section of the U.S. Bankruptcy Code that provides for the liquidation of a debtor's assets to pay off creditors.
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