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.
Some debts are called secured debts. Secured debts have something that is collateral for the loan-that is, something that the creditor can take if you don't pay back the loan. For example, most car loans are secured loans. The car is the collateral for the loan.Your creditor can take back or repossess the car if you don't keep up with your payments.Loans for furniture are another example of secured loans. The furniture can be repossessed if you don't pay back the loan. If an item such as a car or furniture is repossessed, the creditor can then sell it.or instance, if you purchased a refrigerator and don't make the payments on the loan, your creditor can take the refrigerator back. If you used your valuable wedding ring as collateral to get a loan for vacation, your creditor can take the ring if you don't pay back the money.