Under the Bank Act, banks may take a special type of security interest in specified assets.No other creditor may take this interest.Nevertheless, banks remain free to take any other kind of security interest in any type of personal property in addition to any interest under the Bank Act.

Question

Quizplus · Accepted Answer

The statement is true. The Bank Act allows banks to take a special type of security interest in specified assets that cannot be taken by any other creditor. However, banks are not limited to this type of security interest and can take any other kind of security interest in any type of personal property.

Under the Bank Act, Banks May Take a Special Type