What is Secured Debt?

Legal Definition
A creditor's claim that is secured by a lien of some type in a debtor's property either by the debtor's own agreement or involuntarily with a court judgment or taxes.

Some examples include mortgages, equity lines of credit, and vehicle and equipment loans. Other kinds of debt that are often secured by liens on property include Purchase-money security interest, judgment liens, tax liens, and blanket security liens.
Legal Definition
An asset collateralized bond or loan protecting the borrower from default because of its hierarchical ranking above other claimholders. Refer to senior debt and subordinated debt.