Janet is the secured party in a secured transaction with Michelle. Janet could also be referred to as the
A) debtor.
B) secured creditor.
C) collateral.
D) filing officer.

Question

Quizplus · Accepted Answer

Janet is the secured creditor, which means she has a security interest in the collateral (property or assets) of Michelle in exchange for a loan or other obligation. The debtor is Michelle, who owes the debt, while the collateral is the property that secures the debt. The filing officer is the government agency responsible for maintaining records of security interests by filing a UCC-1 financing statement.

Janet Is the Secured Party in a Secured Transaction with Michelle