perfect

(redirected from perfects)
Also found in: Dictionary, Thesaurus, Medical, Legal, Idioms, Encyclopedia.
Related to perfects: Perfect numbers

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 ?
A charming old Italian writer has laid down the canons of perfect feminine beauty with much nicety in a delicious discourse, which, as he delivered it in a sixteenth- century Florentine garden to an audience of beautiful and noble ladies, an audience not too large to be intimate and not too small to be embarrassing, it was his delightful good fortune and privilege to illustrate by pretty and sly references to the characteristic beauties of the several ladies seated like a ring of roses around him.
It must not be inferred from these remarks that any of the grades of wing-structure here alluded to, which perhaps may all have resulted from disuse, indicate the natural steps by which birds have acquired their perfect power of flight; but they serve, at least, to show what diversified means of transition are possible.
I have already given this matter the deepest thought--thought which might almost have enlightened me to create a being less perfect than yourself.
She saw them lay the perfect body there upon the rough branches.
I am indeed, in a certain sense a Circle," replied the Voice, "and a more perfect Circle than any in Flatland; but to speak more accurately, I am many Circles in one.
There was a perfect bank, on which there was not more than nine fathoms of water, whilst on either side the depth was ninety fathoms.
I do not know how I have deserved to have a wife who was the perfect friend and helpmate, the perfect mistress and the perfect mother.
A perfect tragedy should, as we have seen, be arranged not on the simple but on the complex plan.