If the Proceeds of Sale of Collateral Are Not Sufficient

question 13

Multiple Choice

If the proceeds of sale of collateral are not sufficient to satisfy the debt, then the creditor is usually entitled to a:

• A) future advance.
• B) deficiency judgment.
• C) fixture filing.
• D) warehousing arrangement.

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Definitions:

Opportunity Cost

The economic impact of rejecting the following preferable option when deciding.

Positive Statements

Claims that attempt to describe the world as it is.

Normative Statements

Claims that attempt to prescribe how the world should be.

Normative Statements

Claims that express judgments about what ought to be, incorporating opinions and values rather than factual assertions.