Examlex
Identify/define and explain the significance of the following: Wat Tyler.
Security Interest
A legal claim or lien on collateral that has been pledged, usually to secure a debt or loan, affording the lender a right to repossession if the debtor defaults.
Debtor's Property
Assets owned by an individual or entity (debtor) that owe money to creditors, which may be subject to claims or liens.
Debtor Defaults
Occurs when a debtor fails to meet the legal obligation of debt repayment, potentially leading to legal action or loss of collateral.
Repossesses Collateral
The act of taking back possession of property used as collateral in a loan agreement, typically after a default by the borrower.
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