Gregory Borrows $200, 000 from Mountain Bank to Purchase a Plot

question 29

Multiple Choice

Gregory borrows $200, 000 from Mountain Bank to purchase a plot of land, and Mountain Bank perfects its security interest in the house for this amount.Gregory defaults on the loan when he owes $80, 000 to the bank.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?

• A)proceed to judgment against Gregory
• B)file a financing statement
• C)release a termination statement
• D)proceed to repossess the collateral

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Definitions:

Rate of Decrease

A measure that indicates how quickly a quantity diminishes over time.

Base Value

A reference point used in the calculation of variables, such as index numbers, from a specific base date.

Percentage

A fraction or ratio expressed as a part of 100, used to denote proportion or comparison between quantities.

Missing Value

An absent data point or entry in a dataset, which may occur for various reasons and can impact the analysis if not properly handled.