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What Is an Example of Substitute Goods

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What is an example of substitute goods?


Definitions:

Financing Statement

A document filed by a secured party to give public notice of their interest in the property of a debtor, typically used in secured transactions.

Collateral

Assets pledged by a borrower to secure a loan or other credit, which can be seized by the lender if the borrower fails to pay.

Purchase-Money Security Interest

A legal claim or lien on property that secures payment of the price or an obligation incurred for the property's purchase.

Consumer Good

A good used or bought for use primarily for personal, family, or household purposes.

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