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:

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