Which of the following statements about foreclosure of liens is true?
A) The lienholder need not give notice to the debtor for holding a sale of the possessed goods.
B) The lienholder need not bring a lawsuit against the debtor if there is no statutory procedure.
C) The right of a lienholder to possess goods does not automatically give the lienholder the right to sell the property.
D) The lienholder cannot have the property sold at a judicial sale.

Question

Quizplus · Accepted Answer

The right of a lienholder to possess goods does not automatically give the lienholder the right to sell the property or to claim ownership if his charges are not paid. The lienholder is required to give notice to the debtor and to advertise the proposed sale by posting or publishing notices. If there is no statutory procedure, the lienholder must first bring a lawsuit against the debtor. After obtaining a judgment for his charges, the lienholder can have the sheriff seize the property and have it sold at a judicial sale.

Which of the Following Statements About Foreclosure of Liens Is