Multiple Choice
Atlas Vehicle Loans Ltd.has a valid security interest in a truck owned by one of its clients.The client is now in default under the loan agreement and owes $24 000 to Atlas.Atlas has determined the truck will likely only sell for $19 000 on the second hand market.Will Atlas be able to recover this deficiency from the debtor?
A) yes,by appointing a receiver
B) yes,but only as an unsecured creditor
C) no,because Atlas' collection efforts are limited to its collateral
D) no,because Atlas cannot sue if it elects to seize and sell the collateral
Correct Answer:
Verified
Correct Answer:
Verified
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