Which of the Following Secures a Bank's Interest in a Time-Sales

question 23

Multiple Choice

Which of the following secures a bank's interest in a time-sales finance contract?

• A) The payment obligation of the equipment purchaser
• B) The dealer's security interest in the equipment purchased
• C) Recourse to the manufacturer in the event of default
• D) All of the above

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Definitions:

Risks Associated

The potential negative consequences or dangers that are linked to a particular action, decision, or situation.

Forfeiture Rule

A legal principle that prevents individuals from benefiting from their wrongful acts, often used in cases of homicide to prevent inheritance.

Negligence Claim

A legal action taken when someone's failure to exercise a reasonable standard of care results in harm or loss to another person.

Defences Available

This phrase refers to various legal arguments and strategies that a defendant can legitimately rely on to challenge or negate the claims made against them in a court of law.