Examlex
Which of the following exhibits proper word choice involving commonly confused and misused terms?
Debtor
Under Article 9 of the Uniform Commercial Code, any party who owes payment or performance of a secured obligation, whether or not the party actually owns or has rights in the collateral.
Creditor
An individual or institution that lends money or extends credit to another, with the expectation of being repaid.
Stale Check
A check, other than a certified check, that is presented for payment more than six months after its date.
Good Faith
A concept involving an honest intention to act without taking an unfair advantage over another party, typically implied in agreements or transactions.
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