Unsecured Claim

Importance: 0.43

Is a company: no

Is a proper noun: no

Synonyms

  • unguaranteed
  • not covered

Definition of Unsecured Claim

  1. A claim or debt for which a creditor holds no special assurance of payment, unlike a mortgage or lien; a debt for which credit was extended based solely upon the creditor's assessment of the debtor's future ability to pay.

Related Terms and Acronyms

  • Claim Bank,
    • A creditor's assertion of a right to payment from a debtor or the debtor's property.
  • Foreclosure Bank,
    • The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.
  • Instalment Bank,
    • The regular periodic payment that a borrower agrees to make the lender.
  • Credit Score Bank,
    • Also referred to as a 'Beacon Score' is a number, between 300 and 900, that reflects a person's credit history. Lenders calculate this number using a computer system as part of the process for assigning rates and terms to the loans they grant.
  • Forbearance Bank,
    • Delaying foreclosure, usually because the borrower has arranged to pay the amount in arrears.
  • Debt Bank,
    • Money one person or firm owes to another person or firm.
  • Credit Limit Bank,
    • The maximum amount of charges a cardholder may apply.
  • Lien Definition,
    • A legal hold or claim of a creditor on the property of another.
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