Olaf is the creditor in a transaction with Phil.Once certain require-ments are met,Olaf's rights will attach,which means that Olaf will have
A)indivisible ownership right to Phil's property.
B)an enforceable security interest in Phil's property.
C)a notice affixed to Phil's property.
D)the permission of a court to seize Phil's property.

Question

Quizplus · Accepted Answer

When Olaf's rights attach, he will have an enforceable security interest in Phil's property. This means he has the right to repossess and sell the property if Phil fails to fulfill his obligations. However, Olaf does not receive indivisible ownership rights nor does he need permission from a court to seize the property. A notice may be filed to perfect the security interest, but it does not necessarily need to be affixed to the property itself.

Olaf Is the Creditor in a Transaction with Phil