What Must Be Done When a Debtor Pays Off the Debt

question 8

Multiple Choice

What must be done when a debtor pays off the debt secured by a security interest in goods?

• A) nothing must be done.
• B) the collateral must be sold
• C) a termination statement must be filed by the creditor.
• D) the original note must be returned to the debtor.

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Definitions:

Linear Demand Curve

A graphical representation showing a direct relationship between price and quantity demanded, where a change in price leads to a proportional change in quantity demanded.

Price-elastic

A characteristic of goods where their demand or supply changes significantly when their price changes.

Emergency Visits

Instances when individuals seek immediate medical attention and care in a hospital's emergency department, often due to accidents or sudden illnesses.

Doctor

A professional who practices medicine, which is concerned with promoting, maintaining, or restoring health through the study, diagnosis, prognosis, and treatment of disease, injury, and other physical and mental impairments.