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Definition
Lender who holds legally enforceable claim on a borrower's asset(s) of a liquidation value equal to or greater than the loan amount. Secured creditors are entitled to receive the proceeds of the foreclosure sale of the pledged asset(s) and, in case of a bankruptcy, must be satisfied before the unsecured creditor(s).
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secured creditor is in the Banking, Commerce & Finance subject.
secured creditor appears in the definitions of the following terms: preferred creditor, stoppage in transitu, receiver, unsecured creditor and liquidation
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