Glossary

List of glossary items

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  • A security interest is most commonly created when a secured party (such as a lender) takes an interest in personal property of a grantor (such as a borrower), as security for a loan or other obligation. The security interest means the secured party can take the personal property (known as the collateral) if the secured obligation is not met.

    Security interests can only arise when there is agreement between the grantor and the secured party. There are a small number of other types of transactions that also create security interests known as deemed security interests.

  • An order of a court of competent jurisdiction making a person bankrupt based on a creditor being owed $20,000 or more petitioning to have that person made bankrupt.

  • A public commitment to what clients and stakeholders can expect when dealing with AFSA.

  • Describe the level of service AFSA aims to deliver.

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