A debt on which a creditor has a security or a lien. The creditor can foreclose or repossess the property or security that is identified by the lien which is called collateral and may be used to satisfy the debt if the debtor defaults.
A debt on which a creditor has a security or a lien. The creditor can foreclose or repossess the property or security that is identified by the lien which is called collateral and may be used to satisfy the debt if the debtor defaults.