Asked by Nicole Schutkin on Jul 07, 2024
Verified
A(n) ________ agreement is a written contract which identifies the secured goods and is signed by the debtor.
A) subordination
B) security
C) consumer loan
D) equitable redemption
Security Agreement
A legal document that provides a lender a security interest in a specific asset or property pledged as collateral.
Secured Goods
Items that are used as collateral for a loan or are subject to a security interest, ensuring the fulfillment of an obligation.
- Understand the principles of security interests, along with their attachment and perfection processes.
Verified Answer
DM
Denise MujicaJul 13, 2024
Final Answer :
B
Explanation :
A security agreement is a written contract that provides security to the creditor by identifying the collateral, or secured goods, and outlining the terms of the security interest. This agreement is signed by the debtor and establishes the rights of both the creditor and debtor regarding the collateral.
Learning Objectives
- Understand the principles of security interests, along with their attachment and perfection processes.
Related questions
To Be Effective,a Security Interest Must Be Legally Enforceable Against ...
Generally,a Security Interest Is Perfected When The ...
Suri Purchased a New Laptop for $2,500 from Gadget World ...
What Type of Collateral Must Be Perfected Through Possession ...
When the Creditor Becomes a Secured Party with an Interest ...