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perfection

noun
in respect of security interests, the additional steps which must be taken in order to make the security effective against third parties and to ensure its effectiveness if the issuer becomes insolventPerfection is critical in order to secure your charge in the property.
Phrasebank
  • The bank forgot to submit the forms to the Land Registry and therefore never created perfection of its charge over the property.
  • The perfection of the loan to the company gave the bank priority over other creditors.
  • The directors were asked to give a list of perfection of charges to the auditors.