The term ________ refers to a secured creditor's repossession of collateral on a debtor's default and selling,leasing,or otherwise disposing of it in a commercially reasonable manner.
A)repossession
B)disposal of the goods
C)disposition of collateral
D)retention of collateral

Question

Quizplus · Accepted Answer

The term "disposition of collateral" refers to a secured creditor taking possession of collateral on a debtor's default and disposing of it in a commercially reasonable manner, which may involve selling, leasing, or otherwise disposing of it. Repossession refers to the act of taking possession of the collateral, but it does not necessarily involve disposing of it. Disposal of the goods and retention of collateral are not comprehensive enough to describe the entirety of the process.

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