After a creditor has taken possession of collateral, the debtor's right to reclaim it on payment of any money owing is known as a
A) right to salvage.
B) right of settlement.
C) right to redeem.
D) constructive trust.
E) collateral contract.

Question

Quizplus · Accepted Answer

The debtor's right to reclaim collateral upon payment of the debt is known as the right to redeem. This legal principle allows debtors to recover their property by fulfilling their financial obligations to the creditor.

After a Creditor Has Taken Possession of Collateral, the Debtor's