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:

Public Place

An area that is open and accessible to people, such as a park, street, or public square.

Social Identity

The part of a person’s self-concept that is based on his or her identification with a nation, religious or political group, occupation, or other social affiliation.

Self-Concept

An individual's perception of themselves, including beliefs about one's own abilities, appearance, and personality.

Bystander Apathy

A psychological phenomenon where individuals are less likely to offer help to a victim when other people are present.