Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Which of the following is NOT true about taking possession of collateral? A. After legally repossessing the goods, the secured party can retain the collateral.

Which of the following is NOT true about taking possession of collateral?

A. After legally repossessing the goods, the secured party can retain the collateral.

B. A secured party may repossess the collateral pursuant to judicial process or without judicial process if the self-help repossession of the collateral does not breach the peace.

C. If necessary, a secured creditor may obtain a court judgment or warrant to repossess personal property.

D. Many debtors peacefully allow a secured creditor to repossess goods.

E. After legally repossessing the goods, the secured party must sell the collateral.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financing Large Projects Using Project Finance Techniques And Practices

Authors: Fouzul Khan, Robert Parra

1st Edition

9780131016347

More Books

Students also viewed these Finance questions

Question

1. Where will you recommend that she hold the focus group?

Answered: 1 week ago

Question

3. What might you have done differently

Answered: 1 week ago