Examlex
What is the statement of financial position? What is its purpose?
General Creditor
An individual or entity that is owed a debt that is not secured by collateral, leaving them with no special rights to any specific property of the debtor in case of default.
Preferred Claim
A type of claim that is given priority, especially in bankruptcy proceedings, ensuring that it is paid out before other types of claims.
Article 9
A provision of the Uniform Commercial Code that governs secured transactions involving personal property, establishing a legal framework for creating and enforcing security interests.
Class of Goods
A grouping or category of goods that share similar characteristics or are aimed at a specific market segment, often used for classification in legal, commercial, or logistical contexts.
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