A ________ is a judgment of a court that permits a secured lender to recover other property or income from a defaulting debtor if the collateral is insufficient to repay the unpaid loan.

Question

Quizplus · Accepted Answer

A deficiency judgment is a court order allowing a lender to recover additional assets or income from a borrower who has defaulted on a secured loan when the collateral is not sufficient to cover the remaining unpaid balance. The lender can use this court order to seize other property or garnish wages to recover the debt owed.

A ________ Is a Judgment of a Court That Permits