The legal right to seize and dispose of property to obtain payment of an unpaid claim is called a(n)

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The legal right to seize and dispose of property to obtain payment of an unpaid claim is called a lien. An acceleration clause is a clause in a loan agreement that allows the lender to demand immediate repayment of the entire balance if certain conditions are not met. Garnishment refers to the process by which a creditor can take a portion of a debtor's wages or bank account to satisfy a debt. A chattel mortgage is a loan that is secured by movable personal property, such as a car or furniture.

The Legal Right to Seize and Dispose of Property to Obtain