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LSDefine

Simple English definitions for legal terms

Secured debt

Read a random definition: Duchy Court of Lancaster

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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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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