Question: A purchase money security interest (PMSI) is created when a seller or lender agrees to extend credit to a buyer for all or part of

A purchase money security interest (PMSI) is created when a seller or lender agrees to extend credit to a buyer for all or part of the purchase price of:

a. a business enterprise.

b. real property.

c. consumer goods.

d. financial documents.

The process by which a creditor may take possession of (and usually sell) collateral to satisfy an unpaid debt is called:

a. guaranty.

b. mechanics lien.

c. foreclosure.

d. suretyship.

Failure to pay a debt for having a car bumper replaced and painted to match the car would lead to:

a. a mechanics lien.

b. mortgage foreclosure.

c. an artisans lien.

d. a creditors composition agreement.

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