Exam 58: Loan Security and Repossession in Credit Transactions

Xtra Credit Company lends money to Yvon, a farmer. Yvon secures the loan with her livestock's feed. Xtra also obtains a security interest in the proceeds from the feed. Yvon defaults on the loan. Xtra can

Forest National Bank lends money to Greta, taking a security interest in her assets. Later, Greta files a bankruptcy petition. From Forest National's point of view, once Greta is in bankruptcy, her assets have

Subprime Credit Corporation uses "self-help" repossession when its debtors default on their loans. This simplifies the process of repossession because

Felipe is a consumer who files for, and is granted, a discharge of his debts in bankruptcy. The consequences to Felipe of this discharge are most likely to include