Under Article 9 of the UCC,in Which Order Are Proceeds

question 10

Multiple Choice

Under Article 9 of the UCC,in which order are proceeds from the sale of collateral by the creditor to be distributed?

• A)First,any expenses of repossessing the collateral are paid.Second,the proceeds are used to satisfy the debt.Third,any other junior liens are paid.Finally,if any proceeds remain,the debtor is entitled to them.
• B)First,the proceeds are used to satisfy the debt.Second,junior liens are paid.Third,any expenses of repossessing the collateral are paid.Finally,if any proceeds remain,the debtor is entitled to them.
• C)First,the proceeds are used to satisfy the debt.Second,any expenses of repossessing the collateral.Lastly,the debtor is entitled to remaining proceeds.Finally,if any proceeds remain,the debtor is entitled to them.
• D)First,the junior liens are paid.Second,any expenses of repossessing the collateral are paid.Third,the proceeds are used to satisfy the debt.Finally,if any proceeds remain,the debtor is entitled to them.

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