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Exercise:
Uniform Commercial Code
A comprehensive set of laws governing all commercial transactions in the United States, designed to standardize and simplify transactions.
Purchase Money Security Interest (PMSI)
A legal claim that allows a lender to repossess or foreclose on property if the borrower defaults on the loan used to purchase the property.
Collateral
Property or assets that a borrower offers to a lender as security for a loan. If the borrower defaults, the lender may seize the collateral to recoup its losses.
Automatic Stay
A legal provision that halts actions by creditors to collect debts from a debtor who has declared bankruptcy, giving the debtor temporary relief.
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