A(n)________ has an ownership or other interest in the collateral and owes payment of a secured obligation.
A)creditor
B)debtor
C)seller
D)lender

Question

Quizplus · Accepted Answer

A debtor is someone who owes payment of a secured obligation and has an ownership or other interest in the collateral. A creditor, on the other hand, is a person or entity who lends money or extends credit, and may hold a security interest or lien on the debtor's collateral. A seller is a person or entity who sells goods or services, while a lender is a person or entity who loans money or provides credit, but may not necessarily have an interest in the collateral.

A(n)________ Has an Ownership or Other Interest in the Collateral