Dag is the secured party in a secured transaction with Elmo. In this transaction, Dag
A) has a security interest.
B) owes payment.
C) owes performance.
D) owns collateral.

Question

Quizplus · Accepted Answer

As the secured party, Dag has a security interest in the collateral owned by Elmo. This means that Dag has the legal right to repossess the collateral if Elmo does not meet the terms of the agreement.

Dag Is the Secured Party in a Secured Transaction with Elmo