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Obi-Wan is considering whether to buy a lightsaber. With probability 0.50 he will value the lightsaber at $4,000, and with probability 0.50 he will value it at $1,000. If new lightsabers sell for $2,500, then buying a new lightsaber is a:
Collateral
Assets or property offered as security for a loan, to be forfeited in the event of default.
Perfected Purchase
A legal status in property law where the buyer obtains the rights to the property free from any prior claims or liens.
Money Security Interest
A legal claim or lien on collateral (such as cash or deposit accounts) provided by a debtor to secure a loan or other credit, ensuring the lender has a priority claim over the funds in the case of default.
Chattel Paper
A legal term referring to a document or electronic record that evidences both a monetary obligation and a security interest in a tangible good or a lease.
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