Question: If there is a default on a secured debt, and a secured party sells a piece of collateral, which of the following statements is correct?

If there is a default on a secured debt, and a secured party sells a piece of collateral, which of the following statements is correct?
Multiple Choice
Until the collateral is actually disposed of by the creditor, the buyer can redeem it.
For a private sale, the debtor must have no knowledge of it being executed.
The debtor has no right to oppose to the sale to protect his interests.
The secured party may not lease the collateral but sell it.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!