Which of the following is an option for the secured creditor when the debtor defaults?
A)Transfer the collateral on to another creditor.
B)Forget the collateral,and sue the debtor on his note or promise to pay.
C)Sell the collateral and keep the surplus if any.
D)Repossess the collateral and conduct a public sale without the knowledge of the debtor.

Question

Quizplus · Accepted Answer

If the debtor defaults,the secured creditor may forget the collateral,and sue the debtor on his note or promise to pay;repossess the collateral,and use strict foreclosure-in some cases-to keep the collateral in satisfaction of the remaining debt;repossess and sell the collateral,and then,depending on the circumstances,either sue for any deficiency or return the surplus to the debtor.

Which of the Following Is an Option for the Secured