Which of the following statements is true regarding a secured creditor's disposition of the collateral after the debtor's default?
A)The debtor cannot redeem the collateral after his default.
B)The collateral must be disposed of by private sale.
C)The creditor may opt not to repossess the collateral and instead sue the debtor on his underlying obligation.
D)If the proceeds realized from the sale of the collateral exceed the various expenses that must be satisfied from those proceeds,the surplus goes to the creditor.

Question

Quizplus · Accepted Answer

If the debtor defaults,the secured creditor may forget the collateral,and sue the debtor on his note or promise to pay.

Which of the Following Statements Is True Regarding a Secured