Maritime Bank Holds a Security Interest in Ned's Fishing Trawler

question 73

Multiple Choice

Maritime Bank holds a security interest in Ned's fishing trawler. Ned defaults on the debt. Maritime takes possession of the boat and notifies Ned that it will be sold to recover some of the unpaid debt. Before the sale, Ned can regain possession by

• A)obtaining a deficiency judgment.
• B)agreeing to a floating lien.
• C)exercising the right of redemption.
• D)requesting a commercially reasonable sale.

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Definitions:

Middle Ear

The part of the ear between the eardrum and the oval window that contains the three small bones (ossicles) involved in transmitting sound to the inner ear.

Hammer, Anvil, Stirrup

Three tiny bones in the middle ear that play a crucial role in the process of hearing.

Hertz

The unit of frequency in the International System of Units (SI), equal to one cycle per second, used to measure the frequency of waves.

Frequency Of Sound Waves

refers to the number of complete oscillations or cycles per second of a sound wave, measured in Hertz (Hz), determining the pitch of the sound.