If collateral consists of consumer goods subject to a purchase-money security interest, the secured party must "purchase" the goods on default.

Question

Quizplus · Accepted Answer

If collateral consists of consumer goods subject to a purchase-money security interest, the secured party does not have to "purchase" the goods on default. Instead, they have the right to repossess and sell the goods, and use the proceeds to satisfy the outstanding debt.

If Collateral Consists of Consumer Goods Subject to a Purchase-Money