Proceeds from the Disposition of Collateral After Default on the Underlying

question 34

Multiple Choice

Proceeds from the disposition of collateral after default on the underlying debt are distributed first to pay

• A)reasonable expenses incurred by the secured party to sell the collateral.
• B)the balance of the debt owed to the secured party.
• C)junior lienholders who have made timely demands.
• D)the debtor.

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Definitions:

Fear of Spiders

Also known as arachnophobia, it is an intense and irrational fear of spiders and other arachnids.

Stimulus Generalization

The tendency for the conditioned response to be evoked by stimuli that are similar to the conditioned stimulus in classical conditioning.

Higher-Order Conditioning

In classical conditioning, a procedure in which a neutral stimulus becomes a conditioned stimulus through association with an already established conditioned stimulus.

Spontaneous Recovery

Spontaneous recovery is a phenomenon in psychology where a previously extinguished response re-emerges after a period of no exposure to the conditioned stimulus.