secured debt

noun

  • Debtor-Creditor
  • Bankruptcy Law

Definitions of secured debt

  • where the creditor has the right to specific property if the debtor is unable to pay the debt. A common example is a mortgage agreement under which the mortgage company may sell the mortgagee’s house if the mortgagee is unable to keep up the mortgage payments.

    Northern Lytham Healthcare owes $34.3 million in secured debt to Barker Rose.

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Phrase Bank for secured debt