Because lenders are sometimes reluctant to lend large sums of money simply on the borrower's promise to repay, many lenders take a in the property purchased or some other property of the debtor. the property in which the security interest is taken is called if the debtor does not pay the debt, the creditor can on and recover the collateral.

Because lenders are sometimes reluctant to lend large sums of money simply on the borrower's promise to repay, many lenders take a SECURITY INTEREST in the property purchased or some other property of the debtor. The property in which the security interest is taken is called COLLATERAL. If the debtor does not pay the debt, the creditor can REPOSSESS on and recover the collateral.

Explanation:

WHAT IS A SECURITY INTEREST?

A security interest is when the borrower or debtor gives a right under the law to the creditor which says that if the debtor default the payment on the property the creditor has the legal right to do repossession on the property or use that property in a way that will cover for the defaulted payments.

WHAT IS THE COLLATERAL?

Collateral is that property or asset that the debtor has gave a right on to the creditor to reposses if they fail to pay in time. The lender will then sell the collateral in order to cover the loan not paid by the borrower.

REPOSSESSION

This is the actual process of retrieving the assets that have been given as collateral .

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