Examlex
Normal processing procedures for system users are ________.
Purchase-Money Security Interest
A legal claim or lien on an item of property that secures payment of the debt used to purchase the property.
Security Agreement
A legal contract that outlines the terms under which personal property is used as collateral for a loan, securing the repayment to the lender.
Financing Statement
A financing statement is a document filed by a secured party to give public notice of their interest in the personal property of a debtor, used to perfect a security interest under the Uniform Commercial Code.
Repossession
The act of a creditor or lessor taking back goods or property from the debtor or lessee, usually due to failure to meet the terms of an agreement.
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