A ________ has an ownership or other interest in the collateral and owes payment of a secured obligation.
A) creditor
B) debtor
C) seller
D) lender

Question

Quizplus · Accepted Answer

A debtor is the party that owes payment of a secured obligation and has an ownership or other interest in the collateral that secures the debt. The creditor is the party that extends credit or loans money to the debtor, while the seller is the party that sells goods or services to the debtor. The lender is also a party that loans money, but is not necessarily associated with secured transactions.

A ________ Has an Ownership or Other Interest in the Collateral