Which of the following refers to a situation in which the creditor takes the collateral, discharges the debtor, and has no right to seek any deficiency?

Question

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Strict foreclosure refers to a situation in which the creditor takes the collateral, discharges the debtor, and has no right to seek any deficiency. In a strict foreclosure, the lender can take possession of the property without selling it and without proceeding through a court. The debtor loses all rights to the property, and the debt is considered paid in full.

Which of the Following Refers to a Situation in Which