Multiple Choice
Gregory borrows $200,000 from Mountain Bank to purchase a plot of land, and Mountain Bank perfects its security interest. Gregory defaults on the loan, and owes an outstanding balance of $80,000. 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 after foreclosing on the loan?
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
Q37: Explain the priority of claims for secured
Q38: Perfection _ is a situation where the
Q39: Distinguish between two-party and three-party secured transactions,
Q40: Which of the following terms refers to
Q41: Which of the following is true of
Q43: _ is a situation in which a
Q44: Which of the following is true of
Q45: A financing statement refers to a document
Q46: A two-party secured transaction occurs when a
Q47: When a creditor extends credit to a