secured party

Definition of "secured party"
  1. An individual or organization that has a claim on assets owned by someone else due to a security agreement
How to use "secured party" in a sentence
  1. After the loan default, the secured party was entitled to take possession of the borrower's car.
  2. As the sole secured party in the company's assets, the bank has the right to sell the property if the company fails to repay the loan.
  3. The contract specifies that the lending institution becomes a secured party if the borrower defaults.

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