Examlex
What is usually NOT considered by courts in establishing awards relating to notice periods or severance in lieu of notice?
Unsecured Creditors
Creditors who have extended credit without the protection of collateral, making their claims on a debtor’s assets secondary to those of secured creditors.
Collateral
Property or assets pledged by a borrower to secure a loan or other credit, and subject to seizure on default.
Security Interest
A legal claim or lien on collateral that has been pledged, usually to secure repayment of a debt.
Financing Statement
A document filed by a creditor to indicate a security interest in the assets of a debtor, typically used in secured transactions.
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