The term ________ refers to a secured creditor's repossession of collateral on a debtor's default and selling, leasing, or otherwise disposing of it in a commercially reasonable manner.
A) repossession
B) disposal of the goods
C) disposition of collateral
D) retaining of collateral

Question

Quizplus · Accepted Answer

The term 'disposition of collateral' specifically refers to the process of a secured creditor repossessing and disposing of collateral in a commercially reasonable manner. The other options are either too broad (repossession) or too specific (retaining of collateral, disposal of goods) to encompass the whole process.

The Term ________ Refers to a Secured Creditor's Repossession of Collateral