Secured Transactions Remedies
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Questions and Answers

What is the option for a secured party if a debtor defaults on a loan?

  • Disposition of collateral
  • Taking possession of collateral (correct)
  • Proceeding to judgment
  • Retention of collateral

    • What is the condition for the disposition of collateral?

  • The debtor must be notified within 10 days
  • The collateral must be sold within 20 days
  • The disposition must be commercially reasonable (correct)
  • The creditor must retain the collateral

    • What happens if the creditor chooses to retain the collateral?

  • The debtor is notified and has 10 days to object
  • The collateral is sold at an auction
  • The debtor is notified and has 20 days to object (correct)
  • The creditor sues the debtor for the remaining amount

    • What is the consequence if the debtor breaches the peace?

    <p>The debtor cannot breach the peace</p> Signup and view all the answers

    What is the alternative to dealing with collateral?

    <p>Proceeding to judgment for the entire amount</p> Signup and view all the answers

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