When the Value of the Security Is Not Great Enough

question 37

True/False

When the value of the security is not great enough to cover the debt, a secured creditor is an unsecured creditor for that outstanding amount.

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Definitions:

Individual Agent's Death

The termination of an agency relationship caused by the death of the agent, affecting contractual and legal obligations.

Authority Of An Agent

The legally bestowed power an agent has to act on behalf of another person or entity, often defined by a contract or law.

Signed By The Principal

An act where the main party in a transaction or legal document formally endorses it, validating its terms or agreement.

Fiduciary Duty

The legal obligation to act in another party's best interest, often found in relationships involving trust, like between a lawyer and client or shareholder and company director.