Examlex
If a circuit is open, current _____ flow.
Conflicting Security Interests
A situation where multiple parties claim a security interest in the same collateral, potentially leading to disputes over priority and rights.
Unperfected
A term used in law to describe a security interest or claim that has not been formally established or completed according to legal requirements.
Priority
The status of being given more importance or attention before other things.
Default
Failure to fulfill an obligation, especially failure to meet a financial obligation or to appear in court when required.
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