perfect

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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 ?
Their conversation turned upon those subjects, of which the free discussion has generally much to do in perfecting a sudden intimacy between two young ladies: such as dress, balls, flirtations, and quizzes.
Philip and Hayward went to it two or three times a week with the praiseworthy intention of improving their German, and Philip found it a more diverting manner of perfecting himself in the language than listening to sermons.
The real deciding cause, it is now known, was the perfecting of the Pforzheim engine by Germany and the consequent possibility of a rapid and entirely practicable airship.