Examlex
Which of the following statements is false?
Variable Interest
An interest rate on a loan or security that can change over time based on the underlying benchmark interest rates.
Security Interest
A creditor’s right to use collateral to recover a debt.
Security Agreement
A written agreement that creates a security interest.
Purchase Money Security Interest (PMSI)
A special type of security interest that allows creditors to obtain priority in a debtor's collateral, provided the credit was used to purchase the collateral.
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