Which of the following is defined as the series of legal steps a secured party takes to protect its rights and collateral from other creditors who wish to have their debts satisfied through the same collateral?
A)Perfection
B)Procedural due process
C)Novation
D)Strategic credit management
E)Substantive due process

Question

Quizplus · Accepted Answer

When a party perfects its interest in collateral,it is legally protecting its claim to the collateral.Perfection is a series of legal steps a secured party takes to protect its right in the collateral from other creditors who wish to have their debts satisfied through the same collateral.

Which of the Following Is Defined as the Series of Legal