The payment of Brian's debt to Chuck is guaranteed by Brian's personal property. This is
A) an attachment.
B) a secured transaction.
C) perfection.
D) a violation of most state laws.

Question

The payment of Brian's debt to Chuck is guaranteed by Brian's personal property. This is
A) an attachment.​
B) ​a secured transaction.
C) ​perfection.
D) ​a violation of most state laws.

Quizplus · Accepted Answer

A secured transaction is when the lender has the right to take ownership of the debtor's personal property if the debt is not paid. In this scenario, Brian's debt is guaranteed by his personal property, making it a secured transaction.

The Payment of Brian's Debt to Chuck Is Guaranteed by Brian's