On default, unless the security agreement states otherwise, the secured party has the right to repossess collateral.

Question

Quizplus · Accepted Answer

This is true according to the default rule in the Uniform Commercial Code (UCC) regarding secured transactions. The secured party has the right to take possession of the collateral if the debtor defaults on the obligation, unless the security agreement provides otherwise.

On Default, Unless the Security Agreement States Otherwise, the Secured