Examlex
What's the best way to protect your data from natural disasters such as flooding?
Perfection
In legal and financial terminology, it refers to the necessary steps taken to secure rights or interests in collateral against third parties.
Security Interest
A legal claim or lien on collateral, giving a lender the right to take property to satisfy a debt if the debtor defaults.
Default
The failure to meet the legal obligations of a loan, typically by not making the required payments.
Re-Perfect
The act of renewing or restoring a security interest or claim in property to its original status or priority, generally after it has been lapsed or compromised.
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