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LSDefine

Simple English definitions for legal terms

Secured debt

Read a random definition: constructive adverse possession

A quick definition of Secured debt:

Secured debt: When someone owes money to another person or company, and they use something they own as a guarantee that they will pay the money back, it is called secured debt. This means that if the person who owes the money doesn't pay it back, the creditor can take the thing that was used as a guarantee and sell it to get their money back. Examples of things that can be used as a guarantee include a house, a car, or other valuable possessions.

A more thorough explanation:

Secured debt

Secured debt is when a creditor has a claim on a debtor's property that is backed up by a lien. This lien can be created by the debtor's agreement or by a court judgment or taxes. Examples of secured debt include mortgages, equity lines of credit, and vehicle and equipment loans. Other types of debt that can be secured by liens on property include Purchase-money security interest, judgment liens, tax liens, and blanket security liens.

  • A mortgage is a type of secured debt because the lender has a claim on the property until the loan is paid off.
  • An equity line of credit is also secured debt because the lender can take possession of the property if the borrower defaults on the loan.
  • A vehicle loan is another example of secured debt because the lender can repossess the vehicle if the borrower fails to make payments.
  • A purchase-money security interest is when a creditor has a claim on property that was purchased with borrowed funds.
  • A judgment lien is when a court orders a lien on a debtor's property to satisfy a debt owed to a creditor.
  • A tax lien is when the government places a lien on a debtor's property to collect unpaid taxes.
  • A blanket security lien is when a creditor has a claim on all of a debtor's property, rather than just one specific asset.

These examples illustrate how secured debt works. In each case, the creditor has a claim on the debtor's property that is backed up by a lien. If the debtor fails to repay the debt, the creditor can take possession of the property to satisfy the debt.

Section 8 | Secured party

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m10
20:42
Get the ones that are dressed up then!
@JumpySubsequentDolphin: LITERALLY I also just applied to work at garage cuz 50% EMPLOYEE DISCOUNT
m10
20:43
Or legacy collection v1
JumpySubsequentDolphin
20:43
@SplitterusClitterus: GARAGE JEANS FIT ME SO WEIRDLY WHICH SUCKS BC THEYRE SO CUTE
m10
20:43
The cool thing about V2 was it was an infinitely generating collection so they would have never sold out but they ended it early cus of the bear market.
@JumpySubsequentDolphin: NAURRR i need to try them on to see. ive never owned anything from them exceot maybe a tank in middle school?? but ive been a longtime lurker/windowshopper/fan
JumpySubsequentDolphin
20:45
SPLITTY if their jeans fit on my thighs they’re too big on my waist!!! it’s so frustrating
NOOO THEIR WHITE GIRL JEANS actually idk why im surprised
THEYRE**** THAT WAS AUTOCORREXT I SWEAR
babycat
20:46
@m10: infinitely generating means it comes up with new pictures? or new copies of the same pictures?
JumpySubsequentDolphin
20:46
if you’re the slightest bit curvy they are so obnoxious. me and my Abercrombie curve love’s are good together
SHUT UP I LOVE ABERCROMBIE JEANS
m10
20:47
Did y'all see this from ararara last night? https://studicata.com/case-briefs/all/
THOSE FIT SOO GOOD. i desperately need new jeans tho i ahvent gone shopping in millennia so a discount would come in clutch
JumpySubsequentDolphin
20:48
I got these jeans from re/done on a crazy sale and I love them BYT RHEY HAVE FIVE BUTTONS
JumpySubsequentDolphin
20:48
I DIDNT REALIZE WHEJ I BOUGHT THEM BC THEYRE HIDDEN. LIKE INSTEAD OF A ZIPPER THEYREBALL BUTTONS
JumpySubsequentDolphin
20:48
what if I have to pee.
THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
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