Secured Creditor - Explained
What is a Secured Creditor?
Written by Jason Gordon
Updated at September 26th, 2021
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What is a Secured Creditor?
A secured creditor is a creditor (someone who is owed money by a debtor) who has a claim of right to property of the debtor if the debtor does not pay the debt owed. As an enforcement mechanism, if the debtor does not pay, the secured credit may be able to repossess or force the sale of the property (collateral) that is used to secure payment of the loan.
Back To: COMMERCIAL LAW: CONTRACTS, PAYMENTS, SECURITY INTERESTS, & BANKRUPTCY
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