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Security Interest
A legal claim or right granted to a creditor or lender over the borrower's assets as a form of security for the repayment of a loan.
Collateral
Collateral is an asset or property that a borrower offers to a lender as security for a loan, which can be seized by the lender if the loan is not repaid according to the agreement.
Enforceable
Describes a legal agreement or contract that can be upheld and compelled by law, ensuring compliance by all parties involved.
Termination Statement
A document filed to indicate that a previously filed security interest is no longer valid.
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