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A creditor or lender is a party (e.g., person, organization, company, or government) that has a claim on the services of a second party. It is a person or institution to whom money is owed. [ 1 ] The first party, in general, has provided some property or service to the second party under the assumption (usually enforced by contract ) that the ...
These agencies are called "first-party" because they are part of the first party to the contract (i.e. the creditor). The second party is the consumer (or debtor). Typically, first-party agencies try to collect debts for several months before passing it to a third-party agency or selling the debt and writing off most of its value.
A due-on-sale clause is a clause in a loan or promissory note that stipulates that the full balance of the loan may be called due (repaid in full) upon sale or transfer of ownership of the property used to secure the note.
Debt is an obligation that requires one party, the debtor, to pay money borrowed or otherwise withheld from another party, the creditor.Debt may be owed by a sovereign state or country, local government, company, or an individual.
Although the second lien loan's security interest is subordinated to the first lien loan's interest in the pledged assets of the company, the ranking of first lien and second lien loans are the same in the event the pledged assets are not sufficient to satisfy the outstanding borrowings.
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Authenticator apps provide secure verification codes that act as the second step in 2-step verification. After entering your password, you'll need to enter the code generated by your authenticator app to sign in. How do I get an authenticator app? Download an authenticator app from the Google Play Store or App Store.
Perfected liens are those for which a creditor has established a priority right in the encumbered property concerning third-party creditors. Perfection is generally accomplished by taking steps required by law to notify third-party creditors of the lien. The fact that an item of property is in the hands of the creditor usually constitutes ...