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Buying & Selling a Business

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  4. What is a secured creditor?

What is a secured creditor?

A secured creditor is a creditor that has filed a UCC form against certain assets which says in the case of your default, he has first rights to those assets. In real estate a mortgage is filed to secure the creditor. Banks always want as much security as possible. Try never to secure a purchase of a business with your home.

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