unsecured lender
Definition
Lender who advances a loan on the basis of a borrower's signatures only, and does not hold a charge on borrower's asset(s). In case of a default, the unsecured lender may apply to the courts for recovery of the loan and, in case of a liquidation sale of the borrower firm's property, is paid after the secured lenders but before stockholders (shareholders).
unsecured lender is in the Accounting & Auditing, Banking, Commerce & Finance and Corporate, Commercial, & General Law subjects.
unsecured lender appears in the definition of the following term: negative pledge
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