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Question 1

Definition

Answer 1

Kicks the interest into action (not defined in Art. 9)

• Look for late or missed payments
• Also look for a possible waiver by the secured party of late or missed payments

Question 2

Self-Help Repossession

Answer 2

Statutory Privilege

Don’t Breach the Peace (potential for violence)

Question 3

Strict Foreclosure

Answer 3

Just retain collateral NOT sell (if debtor and other creditors do NOT object)

Question 4

Resale of Collateral

Answer 4

Sale discharges the security interest under which the sale is being made and all subordinate security interests. The purchaser, however, is still subject to superior security interests

• Reas notification
• Commercially reasonable sale
• Secured party buying collateral
• Compliance w/resale req.
• Failure to comply w/resale req.

Question 5

Debtor’s right to redeem

Answer 5

Fulfillment of ALL obligations