If Business Property Is Fully Destroyed as a Result of a Casualty,the

question 12

True/False

If business property is fully destroyed as a result of a casualty,the loss is equal to the decrease in the fair market value of the property.

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Definitions:

Security Agreement

A legal document that provides a lender a security interest in a specific asset or property pledged as collateral for a loan.

Collateral

Assets pledged by a borrower to secure a loan or credit, which can be seized by the lender if the borrower defaults.

Value

The importance, worth, or usefulness of something, often determined by its desirability, utility, or rarity.

UCC

A comprehensive set of laws governing commercial transactions in the United States, intended to harmonize the law of sales and other commercial transactions across jurisdictions.