You Are Offered the Chance to Obtain More Space

question 21

Short Answer

You are offered the chance to obtain more space. The offer is for 15 units and the total price is 1500. What should you do?

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Definitions:

Security Interest

A legal claim or right granted by a debtor to a creditor over the debtor's property, securing the payment of a debt or performance of some other obligation.

Collateral

An asset offered by a borrower to secure a loan or other credit, which the lender can seize if the loan is not repaid.

Future Advances

Money or other value provided to a debtor by a creditor subsequent to the time a security interest in the debtor’s collateral is taken by that creditor.

Financing Statement

A legal document filed under the Uniform Commercial Code (UCC) that secures a creditor's interest in the debtor's collateral, making the security interest public record.