Examlex
"My computer doesn't like me-it keeps eating my pictures," says 3-year-old Kimberly.This is an example of:
Collateral
Assets pledged by a borrower to secure a loan or credit, which can be seized by the lender if the borrower fails to repay.
Perfected Interest
A legal claim or lien that has been formally established to secure priority over other claims concerning the same asset or property.
Repossession
The process by which a creditor takes back property from the borrower, due to failure to make required payments.
Security Interest
A legal claim or right granted in an asset as collateral to ensure the fulfilment of an obligation, typically repayment of a loan.
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