perfect

(redirected from perfected)
Also found in: Dictionary, Thesaurus, Medical, Legal, Idioms, Encyclopedia, Wikipedia.

perfect

(pronounced with the emphasis on the second syllable, not the first) To complete all steps necessary to establish a security interest in property that will take priority over later lenders. As between a lender and a borrower, a mortgage is effective and enforceable even if it is never recorded in the real estate records. If a third party, such as another lender, loans money to the debtor and records its own mortgage, then the second lender will have first rights in the property. The recordation of the mortgage, or of a UCC-1 for personal property, is called perfecting a security interest.Note:The UCC-1 is named for the Uniform Commercial Code form used to record notice of a security interest in personal property.

References in classic literature ?
They perfect nature, and are perfected by experience: for natural abilities are like natural plants, that need proyning, by study; and studies themselves, do give forth directions too much at large, except they be bounded in by experience.
Whether Zambo can at last take these letters to the river, or whether I shall myself in some miraculous way carry them back with me, or, finally, whether some daring explorer, coming upon our tracks with the advantage, perhaps, of a perfected monoplane, should find this bundle of manuscript, in any case I can see that what I am writing is destined to immortality as a classic of true adventure.
Bitter, bitter was the pain, and wilder and wilder grew her song, for she sang of the Love that is perfected by Death, of the Love that dies not in the tomb.
For a time these two perfected modern aristocrats stood regarding the difficult problem of the Anglo-Saxon citizen, that ambiguous citizen who, obeying some mysterious law in his blood, would neither drill nor be a democrat.
The machinery which he had perfected and controlled was now about to turn out its bi-monthly product, a committee meeting; and his pride in the perfect structure of these assemblies was great.