Social Security Is an Example of a Trust Fund Administered

question 48

True/False

Social Security is an example of a trust fund administered by the federal government.

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Definitions:

Personal Property Securities Act

Legislation governing the registration and enforcement of security interests in personal property other than real estate.

Chattel Mortgage

A form of secured loan where personal movable property is used as collateral for the loan, without surrendering possession of the property.

Conditional Sales Contract

A contractual arrangement in which the sale of a property or item is not finalized until all the conditions outlined in the contract are met.

Purchase Money Securities Interest

A legal claim that allows a lender to have priority in a debtor's asset, provided the loan was used to purchase the asset.