Legal Definition of Secured creditor: A creditor with collateral; a person owed money who has the right to take and sell specific property of the debtor if the debt is not paid | Learn the legal definition of a secured creditor and how it can impact your financial transactions. Discover examples of secured creditors and the importance of understanding this concept for both lenders and borrowers. Make informed decisions and protect your interests by understanding the legal implications of being a secured creditor