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Debtor's Possession
Referencing an instance where individuals or entities in debt retain control over their assets while undergoing legal or financial proceedings.
Secured Transaction
A transaction in which the payment of a debt is guaranteed by personal property owned by the debtor.
Personal Property
Movable assets owned by an individual, as opposed to real property like land or buildings.
Debtor
An individual or entity that owes money or is legally obligated to make payments to another party.
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