Byron Bought a 50' Yacht from Myrtle's Marina by Entering

question 31

Multiple Choice

Byron bought a 50' yacht from Myrtle's Marina by entering into a note and security agreement promising the yacht as collateral for the purchase money security interest.When Byron faced some tough financial times,he failed to make three monthly payments.Myrtle's Marina repossessed the yacht by removing the yacht engine and advertised a public auction of the yacht.Byron appealed to his good friend Charles and managed to pay off the debt balance and the Marina's expenses of repossessing and advertising the sale.Byron's actions represent

• A)strict foreclosure.
• B)redemption.
• C)silent bidding at the auction.
• D)an artisan's lien.

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