Which of the following is defined as the series of legal steps a secured party takes to protect its rights and collateral from other creditors who wish to have their debts satisfied through the same collateral?

A) Perfection
B) Procedural due process
C) Novation
D) Strategic credit management
E) Substantive due process

Perfection

A legal process by which a secured creditor establishes a priority claim on a debtor's asset over others, often through a public registration.

Legal Steps

The procedures or actions required by law to achieve a certain outcome, such as filing a lawsuit or executing a contract.

Collateral

Property or other assets that a borrower offers a lender to secure a loan.