Asked by Carol Jasso on Apr 29, 2024
Verified
When a debtor sells collateral,he or she receives ________,something that is exchanged for collateral.
A) after-acquired property
B) consideration
C) proceeds
D) collateral
E) value
Collateral
Assets pledged by a borrower to secure a loan or credit, which can be seized by the lender if the borrower defaults.
Proceeds
The total amount of money or assets that result from a particular transaction or event.
Consideration
Something of value that is given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.
- Comprehend the principles of secured transactions and the creation of a security interest.
Verified Answer
Learning Objectives
- Comprehend the principles of secured transactions and the creation of a security interest.
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