The situation where the creditor takes the collateral,discharges the debtor,and has no right to seek any deficiency is known as:
A)exoneration.
B)blockbusting.
C)subrogation.
D)presentment.
E)strict foreclosure.

Question

Quizplus · Accepted Answer

This situation is known as strict foreclosure, where the creditor takes the collateral to satisfy the debt, discharges the debtor from further liability, and does not have the right to seek any deficiency.

The Situation Where the Creditor Takes the Collateral,discharges the Debtor,and