When a debtor uses the same property as collateral for several loans a lender may want to protect his security interest from other creditors who may assert claims against the same collateral by

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Perfecting a security interest is a legal process that gives a lender priority over other creditors who might claim the same collateral. This is typically done by filing a financing statement with the appropriate government office, which puts other potential creditors on notice of the lender's claim to the collateral.

When a Debtor Uses the Same Property as Collateral for Several