A company in the delivery business bought a $29,000 truck under a conditional sale contract. Because of business reverses they are now unable to make the payments. Which of the following is accurate with respect to the legal position of the parties?
A) The seller would have to get a court order before it could seize the truck.
B) If the secured creditor seized the truck, under the Personal Property Security Act the debtor has a set period of time in which to pay what is owing and costs and get the truck back.
C) The creditor would have to serve notice on all interested parties before it could seize the truck.
D) The seller would have been in a far more favourable position if it had obtained a chattel mortgage instead of using a conditional sale agreement.
E) The remedy of the conditional seller, as a secured creditor, is limited to the seizure of the truck.
Correct Answer:
Verified
Q28: The owner of the house had contracted
Q29: Which one of the following statements about
Q30: Nick has a consulting business with monthly
Q31: In a secured transaction, the creditor's right
Q32: Greg told Rick that he would be
Q34: As the fishing season slowed down in
Q35: Identify which of the following statements is
Q36: With regard to debt collection, which of
Q37: Consider the following statements about the use
Q38: You are in debt to three creditors
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents