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Fraudulent Preference
A debtor’s payment of money to one creditor to give that creditor preference over the other creditors.
Breach of Contract
The violation of any of the agreed-upon terms and conditions of a binding contract, which may result in legal action.
Chartered Banks
Chartered Banks are financial institutions that have been granted a charter or license by the government, allowing them to operate and offer a range of banking services, such as accepting deposits and making loans.
Secured Creditor
A creditor who has a claim on property of the debtor, giving him priority on that property over other creditors.
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