Asked by stanley owuama on Jun 14, 2024
Verified
Every consensual secured transaction involves:
A) a debtor and a secured party.
B) collateral.
C) a security agreement and a security interest.
D) All of these.
Consensual Secured Transaction
A financial agreement where both parties agree to the deal, and collateral is provided to secure the transaction.
Debtor
An individual or corporation that owes money or a debt to another, known as the creditor.
Collateral
Assets pledged as security for the repayment of a loan, forfeitable in the event of a default.
- Assess the legal outcomes of secured transactions under Article 9 of the UCC, covering the meaning and appraisal of collateral.
- Recognize the stakeholders in a suretyship or secured transaction along with their corresponding rights and obligations.
- Become familiar with the process and obligations involved in perfecting a security interest in collateral.
Verified Answer
HF
Haleigh FoskeyJun 17, 2024
Final Answer :
D
Explanation :
Every consensual secured transaction indeed involves a debtor and a secured party, collateral, and both a security agreement and a security interest, making all of these elements essential components.
Learning Objectives
- Assess the legal outcomes of secured transactions under Article 9 of the UCC, covering the meaning and appraisal of collateral.
- Recognize the stakeholders in a suretyship or secured transaction along with their corresponding rights and obligations.
- Become familiar with the process and obligations involved in perfecting a security interest in collateral.
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