Which of the Following Statements Is True of Sale of Collateral

question 32

Multiple Choice

Which of the following statements is true of sale of collateral?

• A)In disposing of the collateral,the creditor must use a commercially reasonable method to produce the greatest benefit for himself.
• B)The creditor must sell the collateral unless the consumer orally objects to the sale,otherwise,the creditor may keep the collateral in satisfaction of the debt.
• C)If less than 80% of the purchase price has been paid,the creditor may propose to the debtor that the creditor keep the collateral in satisfaction of the debt.
• D)If the creditor has a security interest in consumer goods and the debtor has paid 60% or more of the purchase price,the creditor must sell the repossessed collateral.