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Gail Borrows Funds from Harbor Loans Inc

Question 52

Multiple Choice

Gail borrows funds from Harbor Loans Inc. to buy a boat, which is the collateral for the loan. Gail defaults on the debt. Harbor Loans takes possession of the boat and notifies Gail that it will be sold to recover some of the unpaid debt. Before Harbor Loans sells the boat, Gail can pay the lender what she owes and take back the boat. This is


A) a deficiency judgment.
B) a floating lien.
C) the right of redemption.
D) a commercially reasonable sale.

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