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What is Secured Transactions

The law of secured transactions covers:

  1. property that can be the subject of a security interest;
  2. methods of creating the security interest;
  3. perfection of the security interests against claims of others;
  4. priorities among secured and unsecured creditors—that is, who will be entitled to the secured property if more than one person asserts a legal right to it; and
  5. the rights of creditors when the debtor defaults. 

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