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Simple English definitions for legal terms

Secured party

Read a random definition: stock-purchase plan

A quick definition of Secured party:

A secured party is someone who has a legal right to take possession of something if a debt is not paid. This can include things like a car or a house that have been used as collateral for a loan. It can also include someone who has sold accounts, promissory notes, or other financial assets and still has a legal claim to them. Essentially, a secured party is someone who has a legal interest in property that is being used to secure a debt or other obligation.

A more thorough explanation:

Secured party

A secured party is a person who has a security interest in a property or asset. This means that they have a legal claim to the property or asset if the borrower fails to repay the loan or fulfill their obligations. The security interest is created through a security agreement, which outlines the terms of the loan and the collateral that is being used to secure it. The secured party can be a lender, a seller, or any other person who has a legal interest in the property or asset.

  • A bank that provides a loan to a borrower and takes a security interest in their car as collateral.
  • A supplier who sells goods to a retailer on credit and takes a security interest in the retailer's inventory.
  • A farmer who has a lien on crops that they have grown and harvested.

These examples illustrate how a secured party can be any person or entity that has a legal interest in a property or asset. In each case, the secured party has a security interest in the collateral that is being used to secure the loan or credit. If the borrower fails to repay the loan or fulfill their obligations, the secured party can take legal action to repossess the collateral and recover their losses.

Secured debt | Secured transaction

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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.
[] baddestbunny
4:29
let’s get after it boys and girls
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