Questions: Specific property or other assets pledged by a borrower to secure a loan is called . If the borrower defaults, the lender has the right to sell this specific property or assets to liquidate the loan. Chattel Pledged property Collateral Dedicated assets

Specific property or other assets pledged by a borrower to secure a loan is called . If the borrower defaults, the lender has the right to sell this specific property or assets to liquidate the loan. Chattel Pledged property Collateral Dedicated assets
Transcript text: Specific property or other assets pledged by a borrower to secure a loan is called $\qquad$ . If the borrower defaults, the lender has the right to sell this specific property or assets to liquidate the loan. Chattel Pledged property Collateral Dedicated assets
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Solution

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The answer is Collateral

Explanation
Option 1: Chattel

Chattel refers to personal property that is movable, as opposed to real estate or immovable property. While chattel can be used as collateral, the term itself does not specifically mean property pledged to secure a loan.

Option 2: Pledged property

Pledged property is a general term that can refer to any property that is pledged as security for a loan. However, it is not the specific term commonly used in financial contexts to describe assets securing a loan.

Option 3: Collateral

Collateral is the specific term used to describe property or other assets that a borrower offers to a lender to secure a loan. If the borrower defaults, the lender has the right to seize and sell the collateral to recover the loan amount.

Option 4: Dedicated assets

Dedicated assets is not a standard term used in finance to describe assets pledged to secure a loan. It generally refers to assets set aside for a specific purpose, but not necessarily as security for a loan.

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