Examlex

Solved

Which of the Following Is TRUE

question 21

Multiple Choice

Which of the following is TRUE?


Definitions:

Foreclosure

The legal process by which a lender takes control of a property when the borrower fails to make mortgage payments.

Lienholder

A person or entity that has a legal right or claim on another's property until a debt or duty owed by the property owner is satisfied.

Security Interest

A legal claim or lien on collateral that secures the performance of an obligation, typically repayment of a debt.

Accommodation Surety

A guarantor who agrees to be responsible for someone else's debt or obligation without receiving any benefit.

Related Questions