LAW 603 Lecture Notes - Lecture 4: Unsecured Debt, High Tech, Canada Revenue Agency

• School: Ryerson University
• Department: Law and Business
• Course: LAW 603
• Professor: Clara Chapdelaine- Feliciati

Document Summary

Debtor the party obligated to make a future payment. If you promise to pay later to get something now the person who owes a credit obligation. Creditor the party entitled to receive a future payment. The person who allows time to pass before requiring you to pay. Secured party a creditor with a security interest. Security interest the (cid:396)ight of the (cid:272)(cid:396)edito(cid:396) to seize the de(cid:271)to(cid:396)"s asset if there is a default in payment. Allows a creditor to seize some of a de(cid:271)to(cid:396)"s pe(cid:396)so(cid:374)al p(cid:396)ope(cid:396)t(cid:455) if a de(cid:271)t is (cid:374)ot (cid:396)epaid. Collateral the particular debtor asset(s) that is the subject of the security interest. A property that is subject to a security interest. Personal property pe(cid:396)so(cid:374)al p(cid:396)ope(cid:396)t(cid:455) (cid:272)a(cid:374) (cid:271)e (cid:862)ta(cid:374)gi(cid:271)le(cid:863) o(cid:396) (cid:862)i(cid:374)ta(cid:374)gi(cid:271)le(cid:863); Tangible assets that can be touched; for example, cars. Intangible assets that cannot be touched; for example: corporate share, life insurance policies, some kinds of licenses, and intellectual property.