Generally, a Secured Creditor Who Has Repossessed Collateral May Retain

question 49

True/False

Generally, a secured creditor who has repossessed collateral may retain the collateral and cancel the debt.

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Definitions:

Float Time

The period between when a bank check is written and when it is actually withdrawn from the payer's account, typically used to advantage cash flow.

Unauthorized Payment

A transaction made without the consent or authorization of the account holder.

Bank Statement

A document issued by a bank detailing transactions, balances, and other financial information over a period of time for a specific account.

Stale Check

A check that is not presented to a bank within six months of its date.