term:

Perfect

perfect adj

: entirely without fault or defect: as
a : satisfying all requirements [failed to make tender]
b : free from any valid legal objection
: valid and effective at law [having title to the property] compare imperfect
[pər-fekt] vt : to complete or put in final conformity with the law: as
a : to make (an appeal) ready for transfer to an appeals court by satisfying procedural requirements
b : to put (one's security interest) in a position or status having priority over subsequently perfected security interests or unperfected security interests by taking statutorily prescribed steps to give notice esp. by filing a financing statement or taking possession of the collateral [was the first creditor to its security interest in the debtor's collateral, and, thus, was the first in priority for the collateral "Commercial Bank v. Pride Furniture, Inc., 877 P.2d 1222 (1994)"] compare attach
vi
: to make something (as a security interest) complete, in conformity with the law, or valid against third-party claims
per·fec·tion [pər-fek-shən]
n

Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.