BULW 301 Study Guide - Final Guide: Secured Creditor, Unsecured Debt, Personal Property
Document Summary
Is not tied to any item of property. One who takes out loan or borrows money. One who lends money or services: ex. Directs the sheriff to seize and sell the debtor"s nonexempt court judgment: secured debt. Debt for which the creditor has a lien on specific items of the debtor"s property to guarantee payment of the debt: ex. Claim a creditor(lien holder) has against a debtor"s property(collateral) to secure payment of a debt: lien must be satisfied(by payment of the debt) before the collateral can be used to, lien satisfy the claims of other creditors. What a debtor may grant a creditor on property to induce the creditor to liable for any deficiency: consensual lien. 15 debtor-creditor relations and bankruptcy assets: security interest. Required in 21 states where judicial action (a court case) is. Allowed in other states such as tn so long as pursuant to a required before foreclosure can occur.
