- undersecured claim
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USAA claim held by a creditor that is secured by property worth less than the full amount of the claim.Related terms:
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
undersecured claim
Look at other dictionaries:
undersecured claim — A secured claim where the collateral value is less than the amount due and owing the secured creditor (SA Bankruptcy.com) A debt secured by property that is worth less than the amount of the debt. (BankruptcyAction.com) United Glossary of… … Glossary of Bankruptcy
undersecured creditor — USA A creditor holding an undersecured claim. Undersecured creditors hold a secured claim to the extent of their collateral and an unsecured claim for the deficiency. In bankruptcy, such creditors are entitled to adequate protection of the… … Law dictionary
bankruptcy — /bangk rupt see, reuhp see/, n., pl. bankruptcies. 1. the state of being or becoming bankrupt. 2. utter ruin, failure, depletion, or the like. [1690 1700; BANKRUPT + CY] * * * Status of a debtor who has been declared by judicial process to be… … Universalium
lien stripping — In the consumer bankruptcy context, a strategy often employed by chapter 13 debtors to reduce the amount of a secured claim to the actual value of the collateral where the secured claim is undersecured (the debt is greater than the value of the… … Glossary of Bankruptcy
