The term ________ refers to a secured creditor's repossession of collateral upon a debtor's default and selling, leasing, or otherwise disposing of it in a commercially reasonable manner.
A)repossession
B)disposal of the goods
C)disposition of collateral
D)retention of collateral

Question

Quizplus · Accepted Answer

The term "disposition of collateral" specifically refers to the process of a secured creditor repossessing and selling, leasing, or otherwise disposing of collateral after a debtor's default. "Repossession" and "disposal of the goods" are related concepts, but do not encompass the entire process of disposing of collateral in a commercially reasonable manner. "Retention of collateral" is not a term commonly used in this context.

The Term ________ Refers to a Secured Creditor's Repossession of Collateral