What is the loan clause stating that if you default on a secured loan, the lender can repossess whatever is secured, as well as bill you for the difference if that repossession does not cover what you owe?

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The clause being described is the deficiency payments clause, which allows the lender to bill the borrower for the difference if the repossession of the secured item(s) does not cover what is owed on the loan. This clause provides the lender with some protection against the risk of default.

What Is the Loan Clause Stating That If You Default