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Secured Debt |
Also found in: Wikipedia | 0.06 sec. |
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Secured debt Secured Debt A debt on which payment is guaranteed by an asset or lien. This means that a secured debt has collateral; if the debtordoes not repay the debt in due course, the creditor has the legal right to take possession of the collateral and resell it to recover losses. In case of bankruptcy, the creditor is considered a secured creditor, which means the creditor receives proceeds from the sale of the collateral to satisfy the debt. If the collateral is insufficient, all secured creditors must have their debts satisfied before any unsecured creditors receive any funds. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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