If the Creditor May Keep the Property Used as Collateral

question 79

True/False

If the creditor may keep the property used as collateral in his possession if the debtor defaults, the UCC does not require a lawsuit if there is a security agreement.

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Definitions:

Programmed Decisions

Decisions that are made following established guidelines or procedures, typically for routine and recurring situations.

Spotlight Questions

Expose a decision to public scrutiny and full transparency.

Public Scrutiny

The critical observation or examination by the general public, often focusing on actions, decisions, or performance.

Transparency

The quality of being easily seen through or understood, often related to the open and honest communication within organizations or governance.