What occurs when a secured party takes back collateral because the debtor has failed to make payments when due?

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Repossession occurs when the secured party takes back the collateral because the debtor has failed to make payments when due. This is a common remedy for default under a security agreement. B) Default is also related to the situation but it does not directly answer what occurs when the secured party takes back the collateral. C) Authentication refers to the process of verifying the identity of a user or device, and D) Perfection is the process of establishing the priority of the security interest against other creditors.

What Occurs When a Secured Party Takes Back Collateral Because