Secured transactions are sale or loan transactions in which the debtor gives the creditor a claim to the debtor’s property in order to ensure payment of the debt. A secured creditor takes priority over an unsecured creditor if there are competing claims to the property or to the proceeds from the sale of the property. Most consumer transactions are unsecured, but home and motor-vehicle financing usually is secured by the property being purchased. If a car loan is secured and the debtor fails to make the payments, the lender can take back the car in order to cover at least part of the remaining debt. At George Fletcher Law Offices, we can ensure your transactions are secure.
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