Atlas Vehicle Loans Ltd

question 3

Multiple Choice

Atlas Vehicle Loans Ltd.has a valid security interest in a truck owned by one of its clients.The client is now in default under the loan agreement and owes $24 000 to Atlas.Atlas has determined the truck will likely only sell for $19 000 on the second hand market.Will Atlas be able to recover this deficiency from the debtor?

• A) yes,by appointing a receiver
• B) yes,but only as an unsecured creditor
• C) no,because Atlas' collection efforts are limited to its collateral
• D) no,because Atlas cannot sue if it elects to seize and sell the collateral

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Definitions:

Public Sphere

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Underground or standalone structures designed to protect individuals from bomb blasts and other explosions, especially prevalent during wartime.

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A conflict in which countries use nuclear weapons against each other, potentially causing massive destruction and loss of life.

Soviet Invasion

Refers to various military incursions led by the Soviet Union into other nations, notably Hungary in 1956 and Czechoslovakia in 1968, to maintain political control.