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Debtor
An individual or entity that owes money or other forms of obligations to another party, known as the creditor.
Perfection
A legal process by which a secured creditor establishes a priority claim on a debtor's asset over others, often through a public registration.
Legal Steps
The procedures or actions required by law to achieve a certain outcome, such as filing a lawsuit or executing a contract.
Collateral
Property or other assets that a borrower offers a lender to secure a loan.
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