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What does secured party mean?

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secured party
Noun

A finance party that has a security interest (charge) over an asset, which gives the that party the right to have that asset and its proceeds of sale applied to the discharge of the relevant secured debt, ranked as to entitled priority (first lien, second lien, etc.) according to the chronological order of the perfection of the security interest (i.e., the filing of a financing statement).

Synonym(s): 
  • [BE]: chargee
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