redemption of collateral

redemption of collateral
redemption of collateral
A creditor may have a lien on personal property of a debtor where the value of the property is less than the amount due. In that event, the code allows a debtor to pay the creditor the value of the property, rather than the balance due and eliminates the lien from the property. (Bernstein's Dictionary of Bankruptcy Terminology)

United Glossary of Bankruptcy Terms 2012.

redemption of collateral
A creditor may have a lien on personal property of a debtor where the value of the property is less than the amount due. In that event, the code allows a debtor to pay the creditor the value of the property, rather than the balance due and eliminates the lien from the property.

US Bankruptcy 2012.


Glossary of Bankruptcy.

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