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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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
Here the policy provision whose meaning is disputed is perfectible, and the majority of policyholders would be willing to pay for the coverage that would be provided by contra proferentem.
Man is perfectible. In contrast the Founding Fathers' view of human nature was less that optimistic.
Humankind is not perfectible, because the species' flaws and failings are inscribed in an unchangeable text - the DNA - that will persist in creating murderers, addicts, the insane, and the incompetent, even under the most ideal social circumstances.
Delahaye That in my incessant scrutiny of the landscape on the bottle's I have completely released to the descants of another memory One song then another seen only at the paper's edge Have taken the place of perfectible second thoughts An intrepid howling that would make a vacuum of reality Nourishes a fortuitous enigma It's long been thought that a craftsman of the ancient tongue Could do much to set the record straight The library that Pisistratus the tyrant of Athens assembled was taken
Marx himself explained that the working class had "no ideals to realize." Many communists interpreted this to mean that undemocratic measures which grossly violate human rights and morality could be justified in constructing a future society that was perfectible in principle.
Cerise : Excellente en dernier lieu, cette jeune pouliche perfectible merite qu'on s'attarde sur ses chances surtout que le talentueux jockey Ch.
Toutefois, a-t-il releve, ce constat ne signifie pas que le cadre legal qui regit les elections au Maroc n'est pas perfectible, et [beaucoup moins que]c'est la raison pour laquelle nous prevoyons, en janvier prochain, un colloque international sur la reforme de la legislation electorale, en prevision des elections legislatives a venir[beaucoup plus grand que].