Asked by Devon Westerlund on Jul 17, 2024
Verified
What is the time period in which a debtor has the right to object to retention of collateral to satisfy a debt?
A) 24 hours
B) 48 hours
C) 3 days
D) 20 days
E) 30 days
Right To Object
The legal entitlement to express disagreement or opposition to a statement or procedure in legal settings.
Retention Of Collateral
The process where a secured creditor holds onto the collateral provided by a debtor until the loan associated with that collateral is fully repaid.
- Assess the rights conferred upon defaulting debtors and the secured party's obligations and entitlements regarding the collateral.
Verified Answer
RV
Ricardo VidalJul 17, 2024
Final Answer :
D
Explanation :
The debtor has the right to object to the retention of collateral to satisfy a debt within 20 days. This period allows the debtor to either negotiate with the creditor or take legal action to protect their interest in the collateral.
Learning Objectives
- Assess the rights conferred upon defaulting debtors and the secured party's obligations and entitlements regarding the collateral.
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