Examlex
How do most white Americans view the 1950s?
Perfecting
In the context of security interests, it refers to the legal process of making a security interest enforceable against third parties by taking the necessary statutory steps.
Security Interest
A legal claim or lien on collateral that gives the creditor the right to take possession of the asset if the debtor defaults on their obligations.
Article 9
A provision of the Uniform Commercial Code (UCC) that governs secured transactions or agreements involving personal property as collateral.
Collateral
Assets pledged by a borrower to secure a loan or guarantee repayment, which can be seized by the lender if the borrower fails to pay.
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