Multiple Choice
Gregory borrows $200, 000 from Mountain Bank to purchase a plot of land, and Mountain Bank perfects its security interest in the house for this amount.Gregory defaults on the loan when he owes $80, 000 to the bank.His house has gone down in value to $160, 000 at the time of default, but he has other personal assets to satisfy the debt.Which of the following is a course of action for Mountain Bank to recover the debt?
A) proceed to judgment against Gregory
B) file a financing statement
C) release a termination statement
D) proceed to repossess the collateral
Correct Answer:
Verified
Correct Answer:
Verified
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