Which permits a secured lender to recover other property or income from a defaulting debtor if the collateral is insufficient to repay the unpaid loan?
A)Redemption right
B)Deficiency judgment
C)Disposition of collateral
D)Retention of collateral

Question

Quizplus · Accepted Answer

a deficiency judgment permits a secured lender to recover other property or income from a defaulting debtor if the collateral is insufficient to repay the unpaid loan. Redemption right is the right of a borrower to reclaim their collateral by paying the outstanding loan amount, disposition of collateral is the process of selling or disposing of the collateral after default, and retention of collateral refers to the secured lender's right to keep the collateral after default.

Which Permits a Secured Lender to Recover Other Property or Income