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Simple English definitions for legal terms

Secured transactions

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A quick definition of Secured transactions:

Secured transactions refer to a legal agreement between a borrower and a lender where the borrower agrees to give the lender something valuable, like a car or a house, as collateral in case they can't pay back the loan. This agreement is called a security agreement. If the borrower can't pay back the loan, the lender can take the collateral to recover the value of the loan. This type of agreement is governed by Article 9 of the Uniform Commercial Code, which is a set of laws that apply to most types of security agreements for personal property. The lender must follow certain procedures to make sure they have the right to take the collateral, and there are rules for resolving conflicts if there are multiple lenders with claims to the same collateral.

A more thorough explanation:

Secured transactions refer to the legal agreements between a borrower and a lender where the borrower agrees to provide collateral in exchange for a loan. The collateral serves as security for the lender in case the borrower defaults on the loan. This type of transaction is governed by Article 9 of the Uniform Commercial Code, which has been adopted by every state in the US.

One example of a secured transaction is when a person takes out a car loan. The car serves as collateral for the loan, and if the borrower fails to make payments, the lender can repossess the car to recover the value of the loan.

Another example is when a business takes out a loan and pledges its inventory as collateral. If the business defaults on the loan, the lender can take possession of the inventory to recover the value of the loan.

These examples illustrate how secured transactions work in practice. They show how lenders can protect themselves by requiring collateral from borrowers, and how borrowers can obtain loans by providing security for the lender.

Secured transaction | Securities

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19:42
it was hard to not improve it. google search was terrible due to the ads and seo cheaters with buzz words and alt text
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 ^
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