The term ________ refers to a secured creditor's possession of collateral upon a debtor's default and proposal to retain the collateral in satisfaction of the debtor's obligation.
A)repossession
B)disposal of the goods
C)disposition of collateral
D)retention of collateral

Question

Quizplus · Accepted Answer

The term "retention of collateral" refers to the secured creditor's proposal to keep possession of the collateral upon the debtor's default in order to satisfy the debtor's obligation. Repossession refers to the act of taking possession of the collateral, while disposal or disposition of the goods refers to the act of getting rid of the collateral through sale or other means.

The Term ________ Refers to a Secured Creditor's Possession of Collateral