Whatever a secured party obtains on a sale of collateral is all that he or she can collect on the debt.
Correct Answer:
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Q27: Once default has occurred and the secured
Q28: The payment of Brian's debt to Chuck
Q29: When consumer goods are involved, a termination
Q30: A buyer in the ordinary course of
Q31: A floating lien cannot apply to the
Q33: The first security interest to be perfected
Q34: The payment of Janitorial Service's debt to
Q35: Proceeds from the disposition of collateral after
Q36: On default, a secured party who chooses
Q37: The concept of a floating lien applies
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