A Secured Creditor Repossesses the Collateral from the Debtor and Sells

question 51

Multiple Choice

A secured creditor repossesses the collateral from the debtor and sells it to satisfy the debt.Which of the following is paid first?

• A)Debt of the creditor
• B)Consequential damages suffered by the creditor due to the debtor's default
• C)Court costs
• D)Expenses of repossessing,storing,and selling the collateral

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Definitions:

Affirms

To state something as true, to assert strongly and publicly.

Priority

The status established by order of importance or urgency.

Kohlberg's Moral Development

A theory proposing that moral reasoning, the basis for ethical behavior, has six identifiable developmental stages, each more adequate at responding to moral dilemmas than its predecessor.

Excessive Force

The use of force greater than what is necessary to achieve a legitimate law enforcement objective or to maintain control.