Examlex
Which of the following is NOT true about how a software program works?
Secured Transaction
A secured transaction involves a security interest in personal property, which serves as collateral for repayment of a debt or performance of an obligation.
Personal Property
Items of property that are not attached to real estate, such as vehicles, furniture, and electronics.
Debt
An amount of money borrowed by one party from another, typically with the condition that it is to be repaid with interest.
Security Agreement
A legal document that provides a lender a security interest in a specified asset or property that serves as collateral for a loan.
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