ACCOUNTING CH 12

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Department
Business
Course
BADM*1030
Professor
Andrea Chance
Semester
Fall

Description
Chapter Twelve Secured TransactionsCollateralproperty of the debtor that can be seized and cold by a creditor if the debt is not paid securityProperty LawPersonal property is in turn divided into two typestangible or concrete and intangible or notionalNotional property exists as a concept has no physical presenceIntangible propertyproperty that cannot be touchedAll property has ownership and possessionGiving Credit and Taking SecurityMain concern is the borrowers ability to repay debtIf a business cannot repay the loan the assets that have been pledged taken possession of by a creditor asa security and held until payment are seized and sold and the proceeds applied against the amount owing The forced sale of personal property often brings only 20 of its retail value yields about half of the wholesale priceRepossessionthe act of taking back possession of property that has
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