Examlex
Which of the following is true of stereotypes?
First Claim
The priority right to make a demand or assert a right before others; often used in financial contexts, such as creditors having first claim on assets.
Purchase-Money Security Interest
A legal claim that allows a lender to repossess or foreclose on property if the borrower fails to repay a loan used to purchase the property.
Collateral
Assets pledged by a borrower to secure a loan or credit, which can be seized by the lender if the borrower fails to make required payments.
Secures
Generally refers to providing protection or ensuring the enforcement of a legal agreement, often involving financial assets as collateral.
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