What is the most obvious form of default in a secured transaction? $\_\_\_\_\_($failing to make payments on the debt secured by the collateral $/$ the debtor selling the collateral before the debt is paid off $/$ the destruction of the collateral before the loan is paid off$)$

Jim owns a bar and Downtown Bank has a security interest in the bar's fixtures and equipment. Jim loses his license to run the bar. Has Jim defaulted on his loan with his secured creditor? $\_\_\_\_\_\_($Yes$,$ this is a type of default $/$ No$,$ Jim is not in default as long as he continues to make payments to the bank$)$

If a creditor obtains a money judgment against a debtor, it will most likely obtain a $\_\_\_\_\_\_\_\_\_($summary judgment $/$ lien $/$ default judgment$)$ to levy on property of the judgment debtor.