Secured debt

{
  "id": "MLC-T-LAW-000199",
  "term": "Secured debt",
  "field": "Law",
  "definitions": [
    "A loan or other financial obligation that is backed by collateral, such as real estate or personal property. If the borrower defaults on the debt, the lender has the right to seize and sell the collateral to recover the outstanding balance. Mortgages and auto loans are common examples of secured debt.",
    "Debt backed by a mortgage, pledge of collateral, or other lien. Examples include home mortgages, auto loans and tax liens."
  ],
  "references": [
    "U.S. Courts Glossary of Legal Terms"
  ],
  "url": "https://mlchart.com/terminology/law/secured-debt/"
}