Examlex
Which of the following statements regarding FTP is true?
Default
Failing to fulfill a legal obligation or agreement, particularly in paying back a loan.
Secured Creditor
A creditor with the benefit of a security interest in assets of the debtor, giving them a preferential position in the event of the debtor's insolvency.
Possession
The state or fact of owning, controlling, or having something in one's custody, legally or otherwise.
Enforceable Security Interest
A legal claim or lien on collateral that can be secured through judicial action if necessary.
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