Definition from Nolo’s Plain-English Law Dictionary
A debt that gives the creditor the right to take property pledged as security for the debt (collateral) if the debtor does not pay. For example, a creditor can repossess a car if the debtor defaults on the car loan. Compare: unsecured debt
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:24 pm