After a creditor has taken possession of collateral, the debtor's right to reclaim it on payment of any money owing is known as a
A) constructive trust.
B) right to salvage.
C) right to redeem.
D) collateral contract.
E) right of settlement.

Question

Quizplus · Accepted Answer

The right to reclaim collateral on payment of any money owing is known as the right of redemption. This right allows the debtor to regain possession of the collateral even after it has been seized by the creditor. The other choices do not accurately describe this right.

After a Creditor Has Taken Possession of Collateral, the Debtor's