George borrows funds from Hometown Credit Union (HCU)to buy real property. George signs a written instrument that gives HCU an interest in the property as security for the debt's payment. This is

Question

Quizplus · Accepted Answer

A mortgage is a written instrument that gives a lender an interest in the property as security for the debt's payment. In this scenario, George borrowed funds from HCU and signed a written instrument giving HCU an interest in the property as security for the debt's payment, which is a mortgage. Liquidation, workout agreement, and reorganization are not applicable in this situation.

George Borrows Funds from Hometown Credit Union (HCU)to Buy Real