Bill defaulted on a loan to Bank which financed the Bills auto. Bank was listed as a lien holder on the auto title. Who, if anyone, gets paid prior to Bank if the Bank forecloses its lien by selling the auto?

a. The auto repair shop that worked on the car prior to sale.

b.Any creditor of Bills owed more than the bank.

c.A judgment creditor of Bills.

d. All of the above.

An IOU fails the test of negotiability for which reason(s)?

a.The IOU does not have to be in writing.

b.The IOU is not an unconditional promise to pay.

c.IOUs do not have to be signed by the maker or drawer.

d.All of the above.

Which option(s) are UNavailable for the secured party to pursue when the debtor defaults?

a.Threaten legal action even when not planning to do so.

b.Follow the debtor onto the debtors property, threaten the debtor with a pistol, then take the collateral.

c.Sell collateral for whatever it will bring and keep any extra amount owed as compensation for being put to the trouble of conducting the sale.

d. b. and c.