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What happens when a secured party and an unsecured party claim security interests in the same collateral? is that fair? why or why not?

Sagot :

A party who owes payment or performance of a secured obligation, whether or not he or she actually owns or has any right in the collateral.

What is collateral.?

Collateral in lending arrangements refers to a borrower's promise of specific property to a lender in order to secure loan repayment.

A lender can confiscate collateral from a borrower if he or she fails to repay a loan according to the agreed terms. A mortgage is a common example. Typically, the bank will request that you offer collateral in the form of your property.

To know more about collateral. follow the link:

https://brainly.com/question/14997152

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