Examlex
Our selective exposure to those life experiences that are best suited to our unique personality traits best illustrates the interaction of
Secured Creditor
A lender that is granted a specific property interest as collateral for a loan, giving the creditor a right to repossess the property if the loan is defaulted.
Disposition
The act of transferring or disposing of an asset or property, or the manner in which someone is inclined to behave or feel.
Collateral
Assets pledged by a borrower to secure a loan or other credit, which the lender can seize if the borrower defaults.
PMSI
Purchase Money Security Interest, a legal claim that allows a lender to repossess or foreclose on property if the borrower defaults, specifically when the loan was used to purchase the property.
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