Examlex
When married persons file a joint return, joint and several liability results. What does this mean?
Purchase Money Security Interest
A security interest that is (1) taken or retained by the seller of collateral to secure all or part of its purchase price or (2) taken by a debtor to acquire rights in or the use of the collateral if the value is so used.
Inventory Collateral
Assets from a company's inventory that are pledged to secure a loan.
Notification
The act of formally or officially informing someone about a fact, condition, or event.
Prior Perfected
A legal status indicating that a security interest or lien has been formally established and has priority over others in the same property.
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