Gina borrows from Regional Loan Company the funds to buy a car. The car secures the debt. Gina defaults on the loan. Regional takes possession of the car, planning to sell it to recover some of the unpaid debt. Before the creditor sells the car or enters into a contract for its sale, Gina can pay what she owes and take back the car. This is

Question

Gina borrows from Regional Loan Company the funds to buy a car. The car secures the debt. Gina defaults on the loan. Regional takes possession of the car, planning to sell it to recover some of the unpaid debt. Before the creditor sells the car or enters into a contract for its sale, Gina can pay what she owes and take back the car. This is​

Quizplus · Accepted Answer

The right of redemption allows the borrower to pay what they owe and reclaim possession of the secured property before it is sold by the creditor. This is applicable in situations where the property is sold due to a default on the loan, as shown in the scenario given.

Gina Borrows from Regional Loan Company the Funds to Buy