Bonn,a secured party,sells collateral at a private sale to a good faith purchaser for value after the debtor defaults.Which of the following statements is true with regard to the UCC Secured Transactions Article?

Question

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The Code sets out the order in which any proceeds are to be distributed after the sale of collateral by the creditor.First,any expenses of repossessing,storing,and selling the collateral,including reasonable attorney's fees,are paid.Second,the proceeds are used to satisfy the debt of the creditor who conducts the sale.Third,any junior interests or liens are paid.Finally,if any proceeds remain,the debtor is entitled to them.

Bonn,a Secured Party,sells Collateral at a Private Sale to a Good