secured liability

Secured Debt

A debt on which payment is guaranteed by an asset or lien. This means that a secured debt has collateral; if the debtor does 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.

secured liability

A debt for which specific assets have been pledged to guarantee repayment.
References in periodicals archive ?
The guarantee must be expressed in a letter to the guarantor~s consent to be fully accountable for the secured liability.
Letter of guarantee the guarantor~s consent must be expressed to be fully accountable for the performance of the secured liability.