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A secured creditor is a creditor with the benefit of a security interest over some or all of the assets of the debtor.. In the event of the bankruptcy of the debtor, the secured creditor can enforce security against the assets of the debtor and avoid competing for a distribution on liquidation with the unsecured creditors.
The redemption movement is an element of the pseudolaw movement, mainly active in the United States and Canada, that promotes fraudulent debt and tax payment schemes. [1] The movement is also called redemptionism. [2]
A secured creditor is a creditor, who has a priority claim on an asset or assets of a company. A lien on the specific asset or assets places the secured creditor's claim ahead of the unsecured creditor. Once a secured creditor is satisfied, the unsecured creditor is then the next priority. This is again the normal order of priority in a bankruptcy.
A security agreement may be oral if the secured party (the lender) has actual physical possession of the collateral. Where the collateral remains in the physical possession of the borrower, or where the collateral is intangible (such as a patent ., [ 1 ] accounts receivable , or a promissory note ), the security agreement must be in writing in ...
Upon default of a debtor who has multiple creditors, the distinction between being a secured creditor and an unsecured creditor is legally significant. The secured creditor will generally always have priority to getting his money before the unsecured creditors do. In other words, the unsecured creditor is at the back of the line of priority ...
Secured party creditor can refer to: Secured transactions in the United States , the use of personal property as loan collateral A fraudulent debt-payment scheme promoted in the redemption movement
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]
Secured transactions in the United States are an important part of the law and economy of the country. By enabling lenders to take a security interest in collateral (that is, the assets of debtors ), the law of secured transactions provides lenders with assurance of legal relief in case of default by the borrower.