Examlex
Which type of formal organization do people join to obtain money and other material benefits?
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.
Collateral
Property or assets pledged by a borrower to secure a loan or other credit, and subject to seizure on default.
Security Interest
A legal claim or lien on collateral that has been pledged, usually to secure repayment of a debt.
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