A Creditor Who Has Repossessed Collateral May Choose to Retain

question 26

Multiple Choice

A creditor who has repossessed collateral may choose to retain it:

• A) in all circumstances.
• B) in all circumstances, unless the secured party receives an appropriate notice within twenty-one days.
• C) in all circumstances where the debtor willfully did not pay the debt.
• D) in all circumstances, unless the secured party receives a written objection to the proposal from a person entitled to receive notice within twenty days after the notice was sent, or the debt involves consumer goods and the debtor has paid sixty percent of the cash price or loan.
• E) in all circumstances, unless the secured party receives an appropriate notice within thirty days.

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Definitions:

Panic Attacks

Sudden and intense feelings of fear or discomfort, often with physical symptoms such as rapid heartbeat and sweating.

Agoraphobia

An anxiety disorder characterized by intense fear of places or situations from which escape might be difficult or embarrassing, or in which help may not be available.

Anxiety Disorders

A category of mental health disorders characterized by excessive fear, nervousness, and worry, affecting daily functioning.

Psychopathology

The scientific study of mental disorders, including their causes, processes, and manifestations.