Bill Is in Business as a Contractor

Multiple Choice

Bill is in business as a contractor.He purchased a tractor worth $100 000 with a loan from Bank X.The full value of the loan was put towards the purchase price and the bank obtained and registered a security interest in the tractor.If Bill's business becomes bankrupt, the bank may

A) seize the tractor, sell it, and recoup any short fall from the proceeds of the sale as a secured creditor from the business' estate.
B) not seize the tractor and the bank has no claim against Bill's business for the debt.
C) seize the tractor, sell it, and recoup any short fall as a general unsecured creditor.
D) seize the tractor only if Bill agrees, but the bank has no claim for any short fall thereafter.
E) not seize the tractor, but the bank may sue Bill personally for misrepresentation.