The primary distinction in secured credit transaction is whether the property:

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The primary distinction in secured credit transaction is whether the property is real or personal. Real property includes land and buildings, while personal property includes things such as vehicles, furniture, and equipment. This distinction is important in determining how the property can be used as collateral for a loan and how it can be seized by the lender in the event of default.

The Primary Distinction in Secured Credit Transaction Is Whether the Property