Which of the following is true regarding the Uniform Commercial Code's definition of default?
A)The Uniform Commercial Code defines default as the failure to make any payment when it is due.
B)The Uniform Commercial Code defines default as the failure to make a payment within 30 days after the payment is due.
C)The Uniform Commercial Code defines default as the failure to make a payment within 60 days after the payment is due.
D)The Uniform Commercial Code defines default as the failure to make a payment within 90 days after the payment is due.
E)The Uniform Commercial Code does not define default.

Question

Quizplus · Accepted Answer

Generally,when a debtor fails to make payments on a loan or declares bankruptcy,the debtor has defaulted on the loan.However,the Uniform Commercial Code does not define default.Consequently,each security agreement provides a specific definition of what constitutes default.

Which of the Following Is True Regarding the Uniform Commercial