Asked by Aseel Babedain on Jul 27, 2024
Verified
An agreement in which the debtor gives a secured interest to the secured party is a(n) ________.
A) collateral contract
B) novation
C) accord and satisfaction
D) debenture
E) security agreement
Security Agreement
A legal document that provides a lender a security interest in a specified asset or property, which serves as collateral for a loan.
Debtor
An individual or entity that owes a debt to another called a creditor, typically arising from a loan or other financial obligation.
Secured Party
A lender or creditor in a secured transaction who has a legal interest or lien on collateral provided by the debtor.
- Determine the prerequisites for the establishment and enhancement of a security interest.
- Acknowledge the duties and descriptions of collateral, security interests, and secured parties.
Verified Answer
RK
rakshya khatiJul 31, 2024
Final Answer :
E
Explanation :
A security agreement is an agreement in which the debtor gives a secured interest to the secured party.
Learning Objectives
- Determine the prerequisites for the establishment and enhancement of a security interest.
- Acknowledge the duties and descriptions of collateral, security interests, and secured parties.