perfection
perfection
When a secured creditor has taken the required steps to perfect his lien, the lien is senior to any liens that arise after perfection. A mortgage is perfected by recording it with the county recorder; a lien in personal property is perfected by filing a financing statement with the secretary of state. An unperfected lien is valid between the debtor and the secured creditor, but may be behind liens created later in time, but perfected earlier than the lien in question. An unperfected lien can be avoided by the trustee. (Bankruptcy in Brief)

An action that has to be taken before a security interest is secured. (Dictionary of Canadian Bankruptcy Terms)

United Glossary of Bankruptcy Terms 2012.


Glossary of Bankruptcy.

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  • perfection — [ pɛrfɛksjɔ̃ ] n. f. • v. 1150; lat. perfectio, onis « complet achèvement » I ♦ Degré le plus haut dans une échelle de valeurs. 1 ♦ État, qualité de ce qui est parfait, spécialt dans le domaine moral (bien) et esthétique (beau). « C est à la… …   Encyclopédie Universelle

  • perfection — Perfection. s.f. Qualité de ce qui est parfait dans son genre. En ce sens il n a point de pluriel. Grande perfection. tendre à la perfection. atteindre à la perfection. chercher la perfection. approcher de la perfection. travailler à la… …   Dictionnaire de l'Académie française

  • Perfection — Per*fec tion, n. [F. perfection, L. perfectio.] 1. The quality or state of being perfect or complete, so that nothing requisite is wanting; entire development; consummate culture, skill, or moral excellence; the highest attainable state or degree …   The Collaborative International Dictionary of English

  • perfection — I noun accomplishment, achievement, attainment, climax, completeness, completion, consummation, correctness, crown, crowning point, culmination, development, effectuation, elaboration, entireness, exactitude, exactness, excellence, faultlessness …   Law dictionary

  • perfection — early 13c., from O.Fr. perfection (12c.), from L. perfectionem, noun of action from perficere (see PERFECT (Cf. perfect) (adj.)) …   Etymology dictionary

  • perfection — Perfection, Consummatio, Perfectio, Absolutio, Expletio. Adjouster la perfection à l oeuvre, Palaestram et liniamenta vltimae expolitionis addere operi vel arti, B. ex Cic …   Thresor de la langue françoyse

  • perfection — [pər fek′shən] n. [ME perfeccioun < OFr < L perfectio] 1. the act or process of perfecting 2. the quality or condition of being perfect; extreme degree of excellence according to a given standard 3. a person or thing that is the perfect… …   English World dictionary

  • Perfection — Per*fec tion, v. t. To perfect. [Obs.] Foote. [1913 Webster] …   The Collaborative International Dictionary of English

  • perfection — virtue, merit, *excellence Antonyms: failing …   New Dictionary of Synonyms

  • perfection — [n] achievement, completeness accomplishment, achieving, acme, arete, completion, consummation, crown, ending, entireness, evolution, exactness, excellence, excellency, exquisiteness, faultlessness, finish, finishing, fulfillment, ideal, idealism …   New thesaurus

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