The Attachment of the Security Interest to the Collateral Automatically

question 42

True/False

The attachment of the security interest to the collateral automatically gives the secured party a security interest in the proceeds of the disposal of the collateral by the debtor.

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Definitions:

Counteroffer

A new offer, the proposal of which rejects and terminates the offer available until then.

Unconditional Acceptance

An agreement to the terms of an offer without imposing any additional conditions or limitations.

Postbox Rule

A principle in contract law stating that an offer is considered accepted at the moment the acceptance is sent, not when it is received by the offeror.

Simon Fraser University

A public research university located in British Columbia, Canada, known for its comprehensive academic and research programs.