Persons lending money or supplying goods or services on credit will generally require some form of security. In the case of loans, this may be in the form of a mortgage or charge on the borrower’s property, so that the lender can seize the mortgaged property and realise its value by sale if the borrower defaults on the loan. Suppliers of goods may protect themselves against non-payment by giving themselves the right to recover the unpaid goods.
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- Securing loans
- Macmillan Education UK
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- Chapter 15