Examlex
Who was left out of Social Security?
Debtor
A person or organization that has a debt or financial liability to another entity.
Perfection
A legal process that gives a secured creditor priority over claims from other creditors regarding a debtor's asset.
Collateral
Assets pledged by a borrower to secure a loan or other credit, which can be seized by the lender if the borrower defaults.
Secured Party
An individual or entity holding an interest in a secured transaction as security for performance obligation, typically involving collateral.
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