Property Subject to a Security Agreement Is Called Collateral

question 50

True/False

Property subject to a security agreement is called collateral.

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Definitions:

Conduct

The manner in which a person behaves, especially in a particular place or situation.

Unauthorized Contract

An agreement made by a person who does not have the legal authority to do so on behalf of a party.

Ratifies

The act of formally approving or confirming a decision or agreement, making it officially valid.

Valid

Legally sound, effective, and binding.