There can be a secured or unsecured commercial debt. Secured debt means that some asset is held as a security interest or collateral by the commercial institution. The collateral for a secured business debt can be either a vehicle, property, buildings, equipment, furniture or even inventory. If a business defaults on the debt, or fails to make disbursements, the creditor has the right to repossess the collateral. For unsecured debt, creditors who didn’t keep anything as a security, in general, have to sue the business prior to the collection of any property.
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