A Borrower Who Has Failed to Make a Payment of Principal

question 16

Multiple Choice

A borrower who has failed to make a payment of principal or interest when due or meet any other requirement of a credit agreement is said to be in

• A)arrears
• B)foreclosure
• C)rescission
• D)default

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Definitions:

North Star

A prominent star, also known as Polaris, which is used for navigation due to its close alignment with the Earth's geographic north pole.

Lower South

The Lower South refers to the southernmost states of the Confederacy during the American Civil War, including South Carolina, Georgia, Florida, Alabama, Mississippi, Louisiana, and Texas, known for their deep reliance on agriculture and slavery.

Slave Revolts

Uprisings and rebellions carried out by enslaved people against their conditions and overseers, aiming for freedom or retaliation against oppression.

West Indies

A region in the Caribbean Sea consisting of many islands divided into three main island groups: the Bahamas, the Greater Antilles, and the Lesser Antilles.