Asked by
Subedi Sushan
on Nov 28, 2024
Verified
A party who owes payment or performance of a secured obligation is a secured party .
Secured Obligation
A debt or other type of financial obligation that is backed by collateral to reduce the risk of non-payment.
Secured Party
A lender or creditor in a secured transaction who has a legal interest in the collateral offered by the borrower.
Party Owes
This term suggests the existence of a debt or obligation that one individual or entity holds towards another.
- Gain insight into the functions and commitments of debtors and secured parties during a secured transaction.
Verified Answer
EC
Learning Objectives
- Gain insight into the functions and commitments of debtors and secured parties during a secured transaction.