Examlex
What is a function header and what are its components?
Priority Loan
A type of loan that is given precedence over other debts, often in the context of repayment terms and bankruptcy proceedings.
Collateral
Assets pledged by a borrower to secure a loan or credit, which the lender can seize if the borrower defaults.
Defaults
Situations in which parties fail to fulfill their obligations under a contract or agreement.
Recording Mortgage
The process of registering a mortgage deed with the appropriate government office to make it a part of the public record, ensuring legal protection and establishing priority.
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