Question

business

1. The person obligated to pay for a secured interest is known as a:

H. Secured party

I. Creditor

J. Lender

K. Debtor

True or False:

2. A secured party and an unsecured party have equal rights to a Debtor’s collateral that is secured by the secured party.

3. A secured party cannot breach the peace when repossessing secured collateral.

4. A secured transaction is a transaction in which the payment of a debt is guaranteed by property owned by a debtor.

Answer 1

1- Debtor because A security intrigue is a lawful right allowed by an indebted person to a leaser over the account holder's property which empowers the loan boss to have plan of action to the property if the borrower defaults in making installment or in any case playing out the made sure about commitments.

2- False, because only secured party have right to debtor's collateral that is secured by secured party, if any default is there in payment by the debtor then right of property is transfered to creditor.

3- False, because A secured party is aided here by the right to seize collateral without judicial process rents and other income from the original collateral and cash proceeds cannot ,An exercise of self help repossession that breaches the peace.

4- True, because Secured Transaction Any transaction in which the payment of a debt is guaranteed, or secured, by personal property owned by the debtor. This type of transaction is called secured transactions.