[Repo] Meredith Sells Used Cars and Trucks

question 50

Multiple Choice

[Repo] Meredith sells used cars and trucks.She sold a used pick-up truck to Jill and a used convertible to Caleb.She properly obtained a security interest in both vehicles.Both Jill and Caleb defaulted on payments owed to Meredith for the vehicles.Meredith was under the belief that her only option was to take possession of the collateral.She decided to repossess Jill's pick-up at Jill's house.Meredith slipped into Jill's driveway after midnight and started the truck's engine.Jill immediately ran out and confronted Meredith.Meredith shoved Jill away and drove off in the pick-up truck.Meredith was able to repossess Caleb's convertible in a public parking lot with no altercation with him.
-Which statement is correct regarding Meredith's belief that her only option was to take possession of the collateral?

• A)Meredith was incorrect because regardless of whether a vehicle or another type of good was involved,Meredith only had the right to ignore the collateral and proceed to judgment.
• B)Meredith was correct regardless of whether a vehicle or another type of good was involved.
• C)Meredith was incorrect,because only when a vehicle is involved,a party must disregard the collateral and proceed to judgment.
• D)Meredith was correct,but only because a vehicle was involved.
• E)Meredith was incorrect because regardless of whether a vehicle or another type of good was involved,Meredith had the right to either take possession of the collateral or ignore rights in the collateral and proceed to judgment.

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Definitions:

Community Size

The number of individuals making up a community, influencing its social dynamics, resource availability, and interaction opportunities.

Prevalence Of Low Income

The widespread occurrence or extent of low income levels within a specific population, often indicating socioeconomic challenges.

Single-Parent Families

Family units consisting of one parent living with their children, without the involvement of a second parent in the household.

Immigrants

Individuals who move to a country different from their place of birth to reside permanently.