Description and Coding Systemâ (âHarmonized Systemâ or simply the âHSâ).2 It went. into effect internationally on January 1, 1988, with the entry into force of the. International Convention on the Harmonized Commodity Description and Coding. System (âHarmonized System Conventionâ) to which the Harmonized System is.
A secured debt or secured claim is one where the lender has some sort of collateral. A car loan or home mortgage would be the most common examples, but other debts may be secured as well, especially in business settings.
It basically works like any collateral loan. In this case, you use the title of your vehicle as guarantee, and the lender will allow you to borrow an amount based on the value of your car. Once the loan is paid off, the car title will be returned to you. Otherwise, the lender will assume ownership over your car.