Secured Creditor

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Secured Creditor

One who holds some special monetary assurance of payment of a debt owed to him or her, such as a mortgage, collateral, or lien.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
While Lloyds is expected to be repaid in full, it is still to be determined what amount the other secured creditors will receive.
(4) Over the years, secured creditors have pointed out the many risks they face under cramdown plans and have pushed for higher interest rates to compensate for the added risk.
Section 10 of the Federal Home Loan Bank Act was amended by CEBA in 1987 to improve the standing of the FHLBanks as secured creditors by giving them priority in receivership over other parties and lien creditors such as the FDIC acting as receiver or conservator.
Lower encumbrance of Together's assets by senior secured creditors could lead to higher recovery assumptions and therefore narrower notching from Midco1's IDR.
"The Debtor and Attorney Brearley failed to file a matrix containing the names and correct addresses of the Debtor's unsecured and secured creditors. The secured creditors could have been readily ascertained from a title search of the Lynn Property at the Southern Essex Registry of Deeds or from an examination of the pleadings filed in the Northeast Housing Court eviction proceeding.
"The secured creditors are expected to imminently conclude a standstill which will provide Abraaj the ability to meet its obligations in an orderly fashion," Abraaj said in a statement after a meeting with lenders, shareholders and other parties to discuss the restructuring of the firm, according to Reuters.
Although the Bankruptcy Code does not define "adequate protection," it requires a debtor to propose some package of concessions that will preserve the secured creditor's interest in its collateral pending the outcome of the bankruptcy case.
These measures should help secured creditors recover debts quickly and in a more cost effective manner, without necessitating a claim before the courts.
Furthermore, in the event of a petition being filed by a company and/or a creditor, prior written notice must be given to the secured creditors enabling them to appoint an administrator of their own choosing, unlike the changes that are being proposed in Cyprus.
For a meeting of creditors to be valid, it is necessary that creditors representing at least three-fifths of the debtor's liabilities (not including those not affected by the suspension order like secured creditors) are present.
Provincial governments have enacted personal property security legislation to deal with the rights of secured creditors. Provincial Rules of Court allow judges to appoint receivers and managers.