Olaf is the creditor in a transaction with Phil. Once certain requirements are met, Olaf's rights will attach, which means that Olaf will have
A) an 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

Olaf is the creditor in a transaction with Phil. Once certain requirements are met, Olaf's rights will attach, which means that Olaf will have​
A) ​an 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.

Quizplus · Accepted Answer

When certain requirements are met, Olaf will have an enforceable security interest in Phil's property. A security interest is a creditor's interest in a debtor's property to secure repayment of a debt. This means that if Phil defaults on the debt, Olaf would have the right to repossess the property to pay for the debt owed to him.

Olaf Is the Creditor in a Transaction with Phil