Marina borrowed $5000 of the $25 000 she required to purchase her car from ImaBigBank.The only financing document Marina signed was ImaBigBank's loan agreement.Marina had a number of problems with the car and subsequently sold it.The outstanding balance of the loan is $1500.What will be the most likely result if Marina defaults on the loan?
A) The bank will give Marina notice of its intention to begin collection proceedings.
B) Fraud charges will be brought,as the bank holds title to the car pending debt repayment.
C) The bank will review Marina's cash flow projections and extend time for payment.
D) A judgment will be obtained and satisfied from Marina's general financial resources.
Correct Answer:
Verified
Q1: What is a common feature shared among
Q2: What is the maximum rate of annual
Q3: The Personal Property Security Act (PPSA)fulfills a
Q5: Brooker Boat Inc.plans to sell 10 boats
Q6: Which of the following is a commonality
Q7: What is a common means of dealing
Q8: Why is the unencumbered status of assets
Q9: What is a feature of a general
Q10: Tiki Imports Ltd.plans to purchase items in
Q11: What is the combined legal effect of
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents