Definition and Citations:
A debt in which the borrower is not backed by any collateral. The lender can collect on the loan payments by way of foreclosure on the security and taking other assets.
Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.
A debt in which the borrower is not backed by any collateral. The lender can collect on the loan payments by way of foreclosure on the security and taking other assets.