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Definition of Collateral

Property owned by the debtor which is subject to a lien or used to secure a debt and which the lender may repossess or foreclose to satisfy the debt if the payments are not made.

Examples include your home if you have a mortgage, a car loan, or if you financed your TV at Best Buy.

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1000 Heritage Center Cir, #102
Round Rock, Texas 78664
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Posted June 2015