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.
8. Specify the status of the title. An owner may only sell a vehicle if it has a clear title, which means that there are no liens on the title for car loans or other legal action against the owner. In some cases, a seller can sell a car when the bank still holds the title (i.e., the seller still owes money on the car). For example, if the owner of the car notes that the car has 167,000 miles on it in the contract, but knows that the vehicle actually has 200,000 miles and a faulty odometer, the entire contract may be voided.