Collateral may change its form and character during the course of a security agreement.

Name: Collateral may change its form and character during the course of a security agreement.
Brand: Quizplus
Rating: 4.8 (40 reviews)

Question

Quizplus · Accepted Answer

Collateral may change in form or character due to various reasons such as natural wear and tear, depreciation, or improvements made upon it. However, any change in collateral must be agreed upon by both parties and updated in the security agreement.

Collateral May Change Its Form and Character During the Course