Meaning of “charge on assets” in the English Dictionary

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"charge on assets" in Business English

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charge on assetsnoun [ C ]

uk us plural charges on assets also charge LAW, PROPERTY

the right of a lender to be paid from a borrower's assets if the debt is not paid on time:

Every year the company must report its total debts secured by a charge on assets.

(Definition of “charge on assets” from the Cambridge Business English Dictionary © Cambridge University Press)