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A home user buys an HP computer that comes with Windows 7 Home Premium installed. Later that same user builds another computer that has faster performance. The home user can transfer the OEM Windows version to the faster computer.
Security Interest
A security interest is a legal claim or lien on collateral, granted to a lender or creditor to secure repayment of a debt or loan.
Perfected
In legal terms, it refers to the completion of all required steps to enforce a security interest or lien against third parties, particularly after default.
Priority
The established order of importance or urgency given to claims, debts, rights, or actions in legal, financial, or other operational contexts.
Floating Lien
A lien on a debtor's assets that changes over time with the inventory levels or changes in collateral included under the lien.
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