Ch26_3e - 26-1Copyright 2007 by Nelson, a division of...

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Unformatted text preview: 26-1Copyright 2007 by Nelson, a division of Thomson Canada Limited.CANADIAN BUSINESS CANADIAN BUSINESS AND THE LAWAND THE LAWThird EditionThird EditionbybyDorothy Duplessis Steven Enman Shannon OByrne Sally GunzPresentation prepared by Presentation prepared by Allan Elliott, Southern Alberta Institute of TechnologyAllan Elliott, Southern Alberta Institute of Technology26-2Copyright 2007 by Nelson, a division of Thomson Canada Limited.CHAPTER TWENTY-SIXCHAPTER TWENTY-SIXTHE LEGAL ASPECTS OF CREDITTHE LEGAL ASPECTS OF CREDITOBJECTIVES:The legal significance of credit transactions in businessThe difference between secured and unsecured creditorsThe ways that lenders and borrowers are protectedThe implications of guaranteeing a debt26-3Copyright 2007 by Nelson, a division of Thomson Canada Limited.LEGAL ASPECTS OF CREDITLEGAL ASPECTS OF CREDITOVERVIEW OF CREDITcollateral security for a borrowers promise to repay a loandefault failure to make required payments on a loanunsecured creditor a creditor with no security interest in the debtors property26-4Copyright 2007 by Nelson, a division of Thomson Canada Limited.INTERNATIONAL PERSPECTIVEINTERNATIONAL PERSPECTIVECREDIT RISK IN INTERNATIONAL TRADEuse of international bankers and letters of creditletter of credit a written promise by a buyersbank to a sellers bank to pay the seller when specified conditions are met26-5Copyright 2007 by Nelson, a division of Thomson Canada Limited....
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Ch26_3e - 26-1Copyright 2007 by Nelson, a division of...

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