secured party
- An individual or organization that has a claim on assets owned by someone else due to a security agreement
- After the loan default, the secured party was entitled to take possession of the borrower's car.
- 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.
- The contract specifies that the lending institution becomes a secured party if the borrower defaults.
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