First Bank Loaned $400,000 to Thomas,taking a Security Interest in His

question 10

Multiple Choice

First Bank loaned $400,000 to Thomas,taking a security interest in his yacht.Thomas defaulted on the loan and First Bank repossessed the boat.First Bank sold the yacht at a public sale.The sale yielded $50,000 more than the debt.First Bank

• A)must pay Thomas the $50,000.
• B)is entitled keep the $50,000.
• C)must share the $50,000 equally with Thomas.
• D)must pay the surplus to the Secretary of State.

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Definitions:

Upper Paleolithic

The final phase of the Paleolithic period, marked by significant advancements in technology, art, and cultural complexity among early humans.

Neolithic

The final stage of cultural evolution or technological development among prehistoric humans, characterized by the transition from nomadic hunting and gathering to settled farming and community living.

Biological Traits

Characteristics or features of organisms that can be observed and are often determined by genetic inheritance.

Gene Flow

The transfer of genetic material from one population to another, enhancing genetic diversity within populations.