Asked by Lynette Madison on Jul 25, 2024
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A secured transaction is a transaction in which the payment of a debt is guaranteed by personal property the debtor owns.
Secured Transaction
A transaction in which the payment of a debt is guaranteed by personal property the debtor owns.
Debt
An obligation, typically financial, owed by one party (the debtor) to another (the creditor), which might include money, services, or other forms of recompense.
Personal Property
Assets or belongings that are not fixed to one location and can be moved, such as furniture, electronics, or vehicles.
- Acquire knowledge on the fundamentals and aims of secured transactions as per the Uniform Commercial Code (UCC).
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Learning Objectives
- Acquire knowledge on the fundamentals and aims of secured transactions as per the Uniform Commercial Code (UCC).
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