Byron bought a 50' yacht from Myrtle's Marina by entering into a note and security agreement promising the yacht as collateral for the purchase money security interest.When Byron faced some tough financial times,he failed to make three monthly payments.Myrtle's Marina repossessed the yacht by removing the yacht engine and advertised a public auction of the yacht.Byron appealed to his good friend Charles and managed to pay off the debt balance and the Marina's expenses of repossessing and advertising the sale.Byron's actions represent

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Byron exercised his right of redemption, which allowed him to reclaim the yacht by paying off the debt balance and the Marina's expenses of repossessing and advertising the sale. This is a common remedy available to borrowers in default on secured loans. Strict foreclosure involves the lender obtaining the collateral without the necessity of a sale, silent bidding refers to a specific type of auction process, and an artisan's lien is a type of nonpossessory lien that a mechanic or repair person can assert against personal property on which they performed services.

Byron Bought a 50' Yacht from Myrtle's Marina by Entering