When a Creditor Extends Credit to a Debtor and Takes

question 47

Multiple Choice

When a creditor extends credit to a debtor and takes a security interest in some personal property of the debtor, it is called a ________.

• A) super-priority lien
• B) collateral claim
• C) collateral disposition
• D) secured transaction

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Definitions:

Democratic Politics

The practice and principles of democracy in the political sphere, emphasizing participation, competition, and representation.

State Constitutions

The fundamental legal documents establishing the governance structure of individual states within a federation.

Property Qualifications

Historical requirements that limited voting rights and political participation to individuals who owned property or met certain wealth criteria.

Virtuous Citizenry

A concept in republican ideology that emphasizes the importance of citizens possessing virtue, such as honesty and civic responsibility, for the wellbeing of the state.