Perfected
/ˈpɜːrfɪktɪd/
Definitions
- (adj.) Having completed all necessary steps to establish a security interest enforceable against third parties.
The creditor's perfected security interest took priority over subsequent claims.
- (v. (past tense of perfect)) Past tense of perfect: to have completed or made something complete, especially legally or formally.
They perfected the contract by obtaining all required approvals.
Related terms
See also
Commentary
In secured transactions, 'perfected' specifically refers to the completion of legal actions, such as filing or possession, required to protect a security interest against third parties.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.