5 Questions
What is the option for a secured party if a debtor defaults on a loan?
Taking possession of collateral
What is the condition for the disposition of collateral?
The disposition must be commercially reasonable
What happens if the creditor chooses to retain the collateral?
The debtor is notified and has 20 days to object
What is the consequence if the debtor breaches the peace?
The debtor cannot breach the peace
What is the alternative to dealing with collateral?
Proceeding to judgment for the entire amount
Learn about the remedies available to secured parties in case of default, including taking possession of collateral, disposition of collateral, retention of collateral, and proceeding to judgment. Understand the rules and regulations surrounding these remedies.
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