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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

General

General chat about the legal profession.

General >T14 Off Topic

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KnowledgeableRitzyWasp

12:04

my mom is coming up to ithaca to bring me thanksgiving food :)

KnowledgeableRitzyWasp

12:04

my dad was going to come too but he got called into emergency meetings

babycat

12:04

I used to really like those built puffed bars (sounds like a vape lol) but their protein source is collagen and supposedly collagen doesn’t contribute to muscle building the way other forms of protein do

shaquilleoatmeal

12:04

a real mom, better give her lots of love

JumpySubsequentDolphin

12:05

@babycat: I don’t even know if your body can absorb collagen

shaquilleoatmeal

12:05

im such a mommas boy, proud of it too lmao but i think the girls i date hate it because my mom expects so much from then lmao

shaquilleoatmeal

12:05

them*

JumpySubsequentDolphin

12:06

like it gets broken down into little amino acids but the jury’s still out on whether that actually contributes to increased collagen levels. some people say it stimulates the production of collagen but i dont think theres any conclusive evidence that it does that

shaquilleoatmeal

12:07

that collagen shit is probably all marketing just to target gym girls

babycat

12:09

I mean they say the bar has like 17g of protein and it’s pretty low cal and tastes good but I just don’t think you can call it a protein bar if the source is collagen

JumpySubsequentDolphin

12:10

makes me so mad when I see collagen in skincare

KnowledgeableRitzyWasp

12:12

shaq heck yeah family is the most important :) and yes collagen is worthless your body breaks it down into amino acids and it has zero unique value, plus collagen doesn't have all the essential aminos so it's worse than whey

llama

12:17

anyone here drink egg whites straight from the carton? I tried eating like ten whole raw eggs and it was a struggle. This looks manageable imo: https://www.youtube.com/shorts/f5xPX3a6zTA?feature=share

shaquilleoatmeal

12:18

what do yall usually have at Thanksgiving? Im sure we all got the classics but wonder if you guys got anything unique

JumpySubsequentDolphin

12:19

my mom usually makes lamb for people who don’t like turkey

shaquilleoatmeal

12:21

im grabbing both lol id be greedy, lamb is so good

llama

12:25

ditto, lamb is underrated. cranberry fluff for me not sure if unique or nah

babycat

12:26

૮ ˶ᵔ ᵕ ᵔ˶ ა how my cat thinks he looks sitting on my porch with a half eaten rat in his mouth

shaquilleoatmeal

12:30

your cat heard the protein convo and wanted to chime in

shaquilleoatmeal

12:31

never had cran fluff, someone in boston might kick you out if that was brought lmao cranberry is sacred here

llama

12:34

the NE does produce a lot. how do u prepare them?

JumpySubsequentDolphin

12:35

@llama: I’ve never heard of this before

babycat

12:40

sometimes I google myself to make sure my digital footprint is still looking good

babycat

12:41

this one sorority girl with my name who loves smoking weed is kinda screwing things up for me

shaquilleoatmeal

12:41

@llama: buy the cranberries and boil them, freshest way to have them. Some lazy ahh people buy the can even on tgiving smh

shaquilleoatmeal

12:41

@babycat: let me google you, i'll tell you if anything crazy comes up ;)

babycat

12:41

nuh uh i’m a good girl

llama

12:47

despite WI leading in production, the bag says packaged in MA. IG cranberries are good for UTIs. Caned is more of a sugary jelly imo which is disrespectful of their tart distinct flavor profile

JumpySubsequentDolphin

12:52

everybody knows that I’m a good girl officer

babycat

13:05

okay guys it's time for me to lock in

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