In Hamilton,Ontario,Ione has defaulted on her credit and the secured party is now looking to collect on the security agreement.As per the security agreement,she has 30 days to remedy the default.Which of the following is true?

Question

Quizplus · Accepted Answer

Option B, also known as the right of redemption, allows the borrower to regain possession of the collateral by paying off the debt within a specific period of time after the creditor seizes it. Option A, on the other hand, is incorrect because Ione can only purchase the collateral back after paying off the debt. Option C is incorrect because the creditor cannot use the collateral until the debt is fully paid off. Option D is incorrect because the proceeds may not always cover the debt, and the borrower may be responsible for any shortfall. Finally, option E is incorrect because the borrower can recover the collateral through the right of redemption.

In Hamilton,Ontario,Ione Has Defaulted on Her Credit and the Secured