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Unlike the Indian societies of Central and South America,the native peoples of North America
Debtor
An individual or entity that owes money or is under financial obligation to another, typically as a result of borrowing funds or purchasing goods/services on credit.
Collateral
Assets that are offered to secure a loan or other credit and that can be seized by the lender if the loan is unpaid.
Secured Parties
Creditors who have the right to seize collateral if a debtor fails to fulfill their obligation under a secured agreement.
Unsecured Creditors
Creditors who have extended credit without the protection of collateral, making their claims on a debtor’s assets secondary to those of secured creditors.
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