Examlex

Solved

Identify/define and Explain the Significance of the Following: Common Law

question 25

Essay

Identify/define and explain the significance of the following: common law.


Definitions:

Security Interest

A legal claim or lien on collateral that secures the performance of an obligation, usually repayment of a debt.

Collateral

An asset offered to secure a loan or other credit and subject to seizure upon default.

Security Interests

A lawful demand or security interest on assets that have been offered as a guarantee, typically to ensure the repayment of a borrowed sum.

Time of Perfection

The point at which a security interest is legally established against third parties, typically by filing or possession.

Related Questions