Once default has occurred and the secured party has obtained possession of the collateral, the secured party has no more options.

Question

Once default has occurred and the secured party has obtained possession of the collateral, the secured party has no more options.​

Quizplus · Accepted Answer

Once default has occurred and the secured party has obtained possession of the collateral, they still have options such as selling the collateral and applying the proceeds to the outstanding debt, or enforcing their security interest through legal action.

Once Default Has Occurred and the Secured Party Has Obtained