Question

a secured creditor is one who: group of answer choices is insured by the fslic does not use collateral to obtain a loan is insured by a third party does not use security to obtain a loan an take a debtor's property to try to satisfy the debt

Answer 1

Secured creditors are creditors who hold a lien on their debtor's property, whether that property is real estate or personal property.

The lien gives the secured creditor a right to the property of its debtor which provides for the sale of the property to settle the debt in the event of default.

A creditor whose debt is "secured" has the legal right to take the property in full or partial satisfaction of the debt. For example, most households are encumbered with “secured debt”. This means that the lender has the right to repossess the house if the borrower fails to make the payments on the loan.

A secured creditor is — at the most basic level — a creditor who has lent assets backed by collateral. In bankruptcy cases, being a secured creditor comes with many privileges that are not reserved for large general unwashed unsecured creditors.

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