The term ________ refers to a secured creditor's possession of collateral on a debtor's default and proposal to retain the collateral in satisfaction of the debtor's obligation.
A)repossession
B)disposal of the goods
C)disposition of collateral
D)retention of collateral

Question

Quizplus · Accepted Answer

Retention of collateral refers to a secured creditor's proposal to retain possession of the collateral in satisfaction of the debtor's obligation. Repossession refers to the act of taking back the collateral, disposal of goods refers to the sale of the collateral, and disposition of collateral refers to the handling or management of the collateral.

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