________ permits a secured lender to recover other property or income from a defaulting debtor if the collateral is insufficient to repay the unpaid loan.
A)Redemption right
B)Deficiency judgment
C)Disposition of collateral
D)Retention of collateral

Question

Quizplus · Accepted Answer

A deficiency judgment allows a secured lender to recover other property or income from a defaulting debtor if the collateral is insufficient to repay the unpaid loan. Redemption right refers to the right of a debtor to redeem their property by paying off the full amount owed before it is sold by the lender. Disposition of collateral refers to the process of selling or disposing of the collateral after default. Retention of collateral refers to the lender's right to keep the collateral after default, but does not allow for recovery of other property or income from the debtor.

________ Permits a Secured Lender to Recover Other Property or Income