Kingston Bank Has a Security Interest in the Equipment of Apex

question 26

True/False

Kingston Bank has a security interest in the equipment of Apex Manufacturing to secure a $10 000 loan that the Bank made to Apex.Apex has defaulted on one of its monthly loan payments in the amount of $1000.The security agreement provides that the whole amount of the loan is payable on demand.The bank can seize the equipment without notice to Apex.

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Definitions:

Social Loafing

The tendency for individuals to exert less effort when working in a group than when working alone.

Illusory Correlation

Illusory correlation is the cognitive bias of perceiving a relationship between variables, typically events or behaviors, even when no such relationship exists.

Censoring Dissent

The act of suppressing opinions that are contrary to those of the majority or in power, often seen in political, social, or cultural contexts.

Group Polarization

The phenomenon where the attitude of a group becomes more extreme than the initial attitude of its members following group discussions.