Unencumberable

A final prediction is that the secured-credit ratio varies directly with the portion of the firm's unencumberable value, such as value from firm-specific managerial skill, that is debt financed.

The USDA's rationale for the rule making PIK certificates unencumberable is to preserve the transferability of the certificates.

The Surveyor assuages his anxiety about self-loss, that is, with the notion that there exists an inviolable margin of free selfhood, an unencumberable form of property in the self, immune from the effects of living in the customhouse of culture.