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Pennsylvania Collections-Creditors Rights FAQs

• What is a debtor?
  A debtor is a natural or legal person who owes money or another obligation to someone else. For example, a person who borrows money from a bank is a debtor.
• What is a creditor?
  A creditor is a natural or legal person to whom a debt is owed. In the example of a debtor being the person who borrows money from a bank, the bank is the creditor of … more
• What is a secured transaction?
  Secured transactions are transactions in which the debtor gives the creditor a special right, or lien, on the debtor's property in order to assure payment of the debt. … more
• What is a lien?
  A lien is a special right in a debtor's property that the law gives to a creditor in order to assure payment of a debt. Liens may arise in a variety of ways.

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