In law, perfection is generally the process for extending, as against third parties, a creditor's rights against a debtor with respect to a security interest (such as a lien) in collateral property. In this context, the term "perfection" usually does not mean the creation of the security interest as against the debtor, but instead means the establishment of the creditor's position of priority access to the collateral with respect to third parties. A creditor is a party (e. ... In economics a debtor (or a borrower) owes money to a creditor. ... In law, lien is the broadest term for any sort of charge or encumbrance against an item of property that secures the payment of a debt or performance of some other obligation. ...