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Bar Exam > Secured Transactions > Flashcards

Secured Transactions Flashcards

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1
Q

UCCC Article 9 applies to _______.

A

Consensual security interests in personal property/fixtures

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2
Q

Consensual security interests are also known as _______.

A

Voluntary

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3
Q

Personal property and fixtures includes _____ but not ______.

A

Goods

Real property

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4
Q

For security interests in real property, the law of ________ applies.

A

Mortgages

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5
Q

A secured transaction occurs when a _____ through a ______ creates a ______ in favor of _______.

A

Debtor

Security agreement

Security interest

Secured party

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6
Q

What is collateral in a secured transaction?

A

The property subject to the security interest

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7
Q

What is a debtor in a secured transaction?

A

Person/entity with property rights in the collateral

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8
Q

What is a security agreement in a secured transaction?

A

Agreement that creates/provides for a security interest regardless of:
1. What parties call it
2. Its form

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9
Q

What is a security interest in a secured transaction?

A

Interest in personal property/fixtures which secure payment/performance of an obligation

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10
Q

What is a security party in a secured transaction?

A

The person/entity who lends the money to the debtor in exchange for consensual security interest in personal property/fixtures

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11
Q

A secured party is also known as a secured _____.

A

Creditor

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12
Q

What is collateral in a secured transaction?

A

Property subject to a security interest that the creditor can look to for satisfaction for the debt

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13
Q

Who is an obligor in a secured transaction?

A

Person or entity obligated on the debt.

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14
Q

Usually (but not always), the debtor and _______ are one and the same.

A

Obligor

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15
Q

What is a PMSI?

A

Purchase money Security Interest

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16
Q

A PMSI arises when __________.

A

The secured party advances money or credit to enable the debtor to purchase the collateral

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17
Q

What is an account in a secured transaction?

A

A right to payment of a monetary obligation for property that has been/is to be sold or for services rendered

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18
Q

What are the five categories of tangible collateral?

A
  1. Consumer goods
  2. Inventory
  3. Farm products
  4. Equipment
  5. Fixtures
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19
Q

How tangible collateral is classified turns on ________ or ________.

A

Debtor’s principal

Primary use for it

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20
Q

In terms of tangible goods, consumer goods are _______

A

Used/bought primarily for personal, family, or household purposes

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21
Q

In terms of tangible goods, inventory goods are:

A
  1. Goods held for sale/lease to others in the ordinary course of business
  2. Raw materials
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22
Q

In terms of tangible goods, farm goods are _______

A

Goods (other than timber) which the debtor is engaged with in a farming operation

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23
Q

In terms of tangible goods, categories of farm goods include:

A
  1. Crops
  2. Livestock
  3. Products of crops/livestocks in remanufactured states
  4. Supplies used/produced in farming operations
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24
Q

In terms of tangible goods, equipment is _______

A

Items used in business that are not:
1. Inventory
2. Farm products OR
3. Consumer goods

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25
Q

In terms of tangible goods, fixtures are _______

A

Good that are so related to particular real property that interest arises under real property

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26
Q

Classification of intangible/quasi-intangible collateral depends on __________.

A

The nature of the collateral

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27
Q

In terms of intangible & quasi-intangible collateral, instruments are:

A
  1. Notes
  2. Drafts
  3. CODs
    etc.
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28
Q

In terms of intangible & quasi-intangible collateral, documents are:

A
  1. Bill of landing
  2. Receipts
    etc.
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29
Q

In terms of intangible & quasi-intangible collateral, chattel paper is ________.

A

Record evidencing both:
1. A monetary obligation AND
2. A security interest in/lease of specific goods

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30
Q

In terms of intangible & quasi-intangible collateral, accounts are ______

A

Right to payment of monetary obligation for property that has been/is to be sold/for services rendered

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31
Q

In terms of intangible & quasi-intangible collateral, deposit accounts are _________ deposit accounts only

A

Non-consumer

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32
Q

In terms of intangible & quasi-intangible collateral, certificated securities are:

A
  1. Stocks
  2. Bonds
  3. Mutual fund
    etc.
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33
Q

In terms of intangible & quasi-intangible collateral, certificated securities are also known as ____________.

A

Investment property

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34
Q

In terms of intangible & quasi-intangible collateral, commercial tort claims are:

A

Tort claims that:
1. Arose out of the individual’s business AND
2. Don’t involve personal injury

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35
Q

In terms of intangible & quasi-intangible collateral, general intangibles are ________.

A

Intangibles that don’t fall into any of the other categories above

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36
Q

The creation of a security interest requires a valid ____________.

A

Security agreement

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37
Q

Against/between whom is a security agreement effective?

A
  1. Between the parties
  2. Against purchasers of the collateral AND
  3. Against creditors
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38
Q

An effective security agreement must be authenticated by ________.

A

The debtor

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39
Q

How can an effective security agreement be authenticated by a debtor?

A
  1. Signed by debtor OR
  2. Electronically marked
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40
Q

A security agreement must contain a description of _______.

A

The collateral

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41
Q

A description of collateral is sufficient for a security agreement if ________________.

A

It reasonably identifies what collateral the parties intended the security interest to cover

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42
Q

Article 9 whether title to the collateral is held by ______ or ______.

A

The debtor

The secured party

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43
Q

Attachment answers what question?

A

Is the security interest enforceable?

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44
Q

What is attachment?

A

The process by which the debtor/creditor creates a security interest in the debtor’s property that is effective between these two parties

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45
Q

Security interest attaches to the collateral when ____________ unless _______.

A

It becomes enforceable against the debtor with respect to that collateral

The agreement explicitly states otherwise

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46
Q

What are the three requirements for attachment?

A
  1. Parties agree that the security interest will attach to the collateral
  2. Creditor must give value
  3. Debtor must have rights in the collateral
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47
Q

One the attachment requirements are met, a security interest attaches immediately unless _________.

A

The parties have expressly agreed to postpone the time for attachment

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48
Q

Parties must have an agreement that the security interest will attach to collateral unless _________.

A

Secured party is in possession of collateral

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49
Q

A secured party must give value before attachment is allowed. Value is defined as _________.

A

Any consideration sufficient for a basic contract

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50
Q

_______ alone does not mean debtor has rights in the collateral

A

Possession

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51
Q

A debtor has rights in collateral when:

A
  1. Debtor has outright ownership of the collateral
  2. Debtor has possession via contract
  3. Good are identified when marked, packaged, or otherwise designated as goods satisfying a particular contract
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52
Q

A security interest can be created in the property the debtor doesn’t currently own but ______________.

A

The debtor may/will acquire that property in the future

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53
Q

Under the doctrine of after-acquired property clauses, when a debtor acquires new property in the future, the secured creditor’s security interest will automatically __________.

A

Attach to that property

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54
Q

If parties intend after-acquired property to be included as part of collateral, they must _________.

A

Specify this in their transaction documents

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55
Q

After-acquired property clauses are enforceable except in regards to:

A
  1. Inventory or accounts are receivable
  2. Consumer goods
  3. Commercial tort claims
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56
Q

An after-acquired property clause is not required when the collateral is inventory or accounts receivable, but a careful attorney will __________.

A

Include the after-acquired language in the transaction documents anyway

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57
Q

An after-acquired property clause won’t attach to after-acquired goods unless the debtor acquired the rights within ___________ after _________.

A

10 days

Secured creditor extended value

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58
Q

Non-possessory security interests in _____ goods are prohibited.

A

Household

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59
Q

An after-acquired property clause will not attach to commercial tort claims that ______________.

A

were not in existence when the security agreement was authenticated

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60
Q

A secured creditor can give value by making a commitment to give ____ to the debtor.

A

Future value

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61
Q

A commitment for future advances must be _____.

A

Definite

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62
Q

Perfection of the security process does what?

A

Ensures that the creditor’s security interest in the debtor’s collateral is good against the rest of the world.

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63
Q

Proper perfection by a secured party will protect her from _________.

A

Subsequent creditors who claim an interest in that same collateral

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64
Q

When the debtor or collateral locates in a jurisdiction, what law governs?

A

Local law of that jurisdiction

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65
Q

Perfection requires _____ plus ______.

A

Attachment

A perfection step

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66
Q

Perfection cannot occur until all requirements for ___________ have been satisfied.

A

Attachment

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67
Q

The UCC provides four methods for perfecting a security interest:

A
  1. Filing
  2. Possession
  3. Automatic
  4. Control
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68
Q

What is the most common method of perfection?

A

Filing a financing statement

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69
Q

A financing statement must indicate _______ and generally describe __________.

A
  1. The security interest
  2. Describe the collateral covered
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70
Q

The purpose of a financing statement is to ____________.

A

Provide interested parties with enough information to be able to make follow-up inquiries

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71
Q

A secured creditor may perfect by filing _______ instead of ________.

A

Filing a security agreement

Filing a financing statement

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72
Q

A financial statement must include the following:

A
  1. Debtor’s name/address
  2. Secured creditor’s name/address
  3. Description of collateral
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73
Q

______ descriptions of collateral are acceptable for financing statements.

A

Very generic

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74
Q

Where must a financing statement be filed?

A

In one central public office specified under the state’s adoption of the UCC code

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75
Q

Generally, a financing statement is filed where?

A

Secretary of State in the state where the debtor is located

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76
Q

If a debtor is an individual, she is located in __________.

A

The state of her principal residence

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77
Q

If a debtor is a registered organization, it is located _______.

A

In the state under whose laws it is organized

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78
Q

If collateral covers timbers, minerals, or fixtures, then the filing is done where?

A

The county where the collateral is located

79
Q

Filing is the exclusive method of perfection for:

A
  1. Accounts
  2. General intangibles
80
Q

At common law, possession means ________________.

A

Absolute physical control over the property that is sufficient to put 3rd parties on notice of the secured creditor/possessor’s interest in the collateral

81
Q

Perfection of a security interest that was perfected by possession becomes effective upon ___________ and is effective as long as ______________.

A

Possession

Possession continues

82
Q

What types of collateral are covered?

A
  1. Goods
  2. Money
  3. Negotiatble documents
  4. Certificated securities
  5. Instruments
  6. Tangible chattel paper
83
Q

There is automatic perfection upon attachment if the security interest is __________.

A

A purchase money security interest in consumer goods

84
Q

A PMSI in consumer goods arises when _________.

A

The secured party advances money/credit to enable the debtor to purchase consumer goods

85
Q

__________ controls a deposit account

A

The account’s owner

86
Q

The best way for a creditor wanting tp perfect a security interest in a deposit account would be to _________.

A

Change the name on the account to that of the creditor

87
Q

____________ is the only way to perfect an interest in a deposit account

A

Control

88
Q

A creditor has control via electronic chattel paper if:

A
  1. There is a single copy
  2. It is marked/designates the creditor as the assignee of record
  3. The copy can only be changed with agreement by the creditor
89
Q

Security interests in electronic chattel paper can be perfected by ______ or _______.

A

Chattel

Filing

90
Q

What is investment property?

A
  1. Stocks
  2. Bonds
  3. Rights in securities held by a broker
91
Q

Stocks and bonds are represented by physical __________.

A

Certificates

92
Q

A creditor gains control of stocks or bond by __________.

A

Taking delivery of the certificates with any necessary endorsements

93
Q

The best way for a creditor to gain control over a securities account is by _________.

A

Becoming the holder of the account

94
Q

Creditors become holders of security accounts by ___________.

A

Changing the name of the account to that of the creditor

95
Q

A security interest in investment property can be perfected by either:

A
  1. Filing OR
  2. Control
96
Q

A creditor gains control by getting the issue of the letter of credit to consent to ___________.

A

An assignment to the creditor of proceeds of the letter of credit

97
Q

What are proceeds?

A

Anything acquired upon the sale, lease, licenses, exchange, or other disposition of collateral

98
Q

A security interest in proceeds from the original collateral is continuously perfected for ______ from the date that ___________.

A

20 days

The debtor receives the proceeds

99
Q

A security interest will continue to be effective beyond 20 days from the date the debtor receives the proceeds if:

A
  1. Same office rule
  2. Proceeds are identifiable cash proceeds OR
  3. Security interest in proceeds is perfected within 20-day period
100
Q

What is the same office rule?

A
  1. Original security interest in collateral is perfected by filing a financing statement
  2. Security interest in the collateral constituting the proceeds would be filed in the same office as the original financing statement AND
  3. Proceeds not purchased with cash proceeds of the collateral
101
Q

A secured party who gives new value under _____________ gets a 20-day perfection period from the moment of attachment.

A

An authenticated security agreement

102
Q

What are the two ways that instruments, negotiable documents, and certificated securities can be temporarily perfected?

A
  1. Secured party gives new value under an authenticated security agreement
  2. Secured party delivers goods/negotiable documents to debtor for disposition
103
Q

A secured party who delivers goods or negotiable documents to debtor for ________ gets a 20-day perfection period

A

Disposition

104
Q

If a debtor moves states, and the debtor’s location governs perfection, how long does temporary perfection last?

A

4 months

105
Q

A secured party shall use reasonable care in ___________

A

The custody and preservation of collateral in the secured party’s possession

106
Q

In the case of chattel paper or an instrument, reasonable care includes __________________.

A

Taking necessary steps to preserve rights against prior parties unless otherwise agreed

107
Q

In many cases a secured party in possession of collateral satisfies her duty of reasonable care by:

A
  1. Notifying the debtor of action that should be taken AND
  2. Allowing the debtor to take action itself
108
Q

A secured party may charge the debtor for any reasonable expenses incurred in:

A
  1. Custody
  2. Preservation
  3. Use
  4. Operation
    Of the collateral
109
Q

A secured party may retain rents, issues and profits as additional security, but _________.

A

Any money recieved from the collateral must either be returned to the debtor or applied against the secured obligation

110
Q

The risk of accidental loss or damage is on ______ to the extent that __________.

A

The debtor

The secured party’s insurance is insufficient

111
Q

What is the right to re-pledge?

A

The secured party may re-pledge collateral to a 3rd party so long as this doesn’t impair the debtor’s ability to redeem the collaeteral

112
Q

How may a secured party use/operate the collateral?

A
  1. For purpose of preserving the collateral or its value
  2. Pursuant to court order OR
  3. As agreed to by the debtor
113
Q

What is accession?

A

Goods that are physically united with other goods so that their identity is not lost

114
Q

May a security interest be created in an accession?

A

Yes

115
Q

If a security interest in the accession is perfected when __________, the security interest remains perfected in the accession.

A

the accession is installed in other goods

116
Q

Accession is subordinate to a securited interest perfected by ____________.

A

Compliance with certificate-of-title statute

117
Q

A security interest in an accession is subordinate to a security interest in another good if the other good is ___________.

A

A vehicle requiring perfection to be obtained by noting the security interest on the certificate of title

118
Q

What are commingled goods?

A

Goods that are physically united with other goods in such a matter that their identity is lost in a product/mass

119
Q

Does a security interest exist in commingled goods?

A

Not really.

120
Q

A security interest may attach to a product or mass that results when goods become ________ goods.

A

Commingled

121
Q

If collateral becomes commingled goods, a security interest attached to ________

A

The product or mass

122
Q

If more than one security interest attaches to a mass of commingled goods, the following rules determine priority:

A
  1. Perfected prevails over unperfected
  2. Equal if more than one perfected
123
Q

Proper perfection gives the secured party priority over _______.

A

Competing unperfected creditors

124
Q

Who is a buyer in the ordinary course?

A

Someone who purchases the collateral from a merchant’s inventory

125
Q

Who is a perfected attached creditor?

A

Article 9 creditor who succeeds in perfecting the security interest

126
Q

Someone can become a lien creditor by either ______ or ______.

A

Judicial liens

Possessory liens

127
Q

A lien creditor is created via judicial liens if:

A

General creditor
1. Wins in court AND
2. Gets a judicial lien on D’s collateral

128
Q

What is a possessory lien?

A

Lien imposed by state law in favor of people who, in ordinary course of business, have performed services for or furnished materials to the debtor in advance of payment

129
Q

Who is a buyer in non-ordinary course?

A

A buyer who purchases the collateral outside the stream of ordinary commerce

130
Q

Who is an attached unperfected creditor?

A

Article 9 creditor who creates an enforceable security interest but either:
1. Never bothers to perfect the security interest OR
2. Tries to perfect but does so incorrectly

131
Q

Who are general unsecured creditor?

A

Lender who never bothered to take collateral from the debtor in exchange for the loan

132
Q

Each claimant is entitled to payment in full before ___________ is entitled to take.

A

Subordinated claimant

133
Q

List the order of priority among conflicting security interests.

A
  1. Buyer in ordinary course
  2. Perfected attached creditor
  3. Lien creditor
  4. Non-ordinary course buyer
  5. Attached unperfected creditor
  6. General unsecured creditor
134
Q

Who always has first priority among conflicting security interests?

A

Buyer in the oridnary course

135
Q

A buyer in the ordinary course always has priority and takes the property free of any ___________.

A

Perfected security interest in the merchant’s inventory

136
Q

If a perfected attached creditor files before attachment, _________ relates back to filing date for purposes of priority.

A

Subsequently attached security interest

137
Q

Under the UCC, special effect is given to _______ when determining priority.

A

Filing

138
Q

When there are two perfected attached creditors, which is first in right?

A

First in time to either:
1. File OR
2. Perfect

139
Q

A PMSI in non-inventory collateral has priority over conflicting security interests in the collateral and its proceeds if PMSI is _________________

A

Perfected within 20 days of the debtor taking possession of the collateral

140
Q

A PMSI inventory collateral has priority over conflicting security interests in the collateral and its identifiable proceeds if PMSI creditor _______________.

A

Perfects and sends notice of the transaction to the other perfected creditors before the debtors receives possession of the collateral

141
Q

A creditor with _______ has priority over a creditor who perfected by filing.

A

Control

142
Q

If more than one creditor has control, _______ has priority.

A

The first to have gained control

143
Q

Attached unperfected creditors will prevail over:

A
  1. Debtor
  2. Subsequent attached unperfected creditors AND
  3. General unsecured creditors
144
Q

An attached unperfected creditor loses to _________.

A
  1. Perfected attached creditor
  2. Lien creditor
  3. Subsequent BFP w/o knowledge of the unperfected security interest
145
Q

Judicial lien holder prevails over an unperfected security interest in collateral if ____________

A

The lien creditor becomes a lien creditor before the security interest is perfected

146
Q

A perfected secured party will prevail over the judicial lien holder unless _________.

A

Future advances

147
Q

A juidicial lien holder will have priority over future advances under a _________ security agreement that was perfected before __________ but was made more than ____________ after the lien.

A

pre-existing

the judicial alien arose

45 days

148
Q

The future advances privilege for judicial lien holders does not exist if the future advance was:

A
  1. Made w/o knowledge of lien OR
  2. Pursuant to a commitment made w/o knowledge of the lien
149
Q

A possessory lien means an interest other than a security interest or an agriculture lien and:

A
  1. Secures payment or performance
  2. Created by statute of rule of law AND
  3. Effectiveness depends on possession
150
Q

A possessory lien on goods has priority over a security interest in the goods unless the lien is created by ____________.

A

A statute that expressly provides otherwise

151
Q

A debtor’s rights may be transferred to _______.

A

A third party

152
Q

An agreement between a debtor and secured party which prohibits _________ or makes a transfer _______ does not prevent the transfer from taking place.

A

A transfer of the debtor’s rights in collateral

A default

153
Q

A buyer who purchases the goods in the ordinary course of business from a merchant’s inventory will take free of ___________.

A

Perfected security interests held by the merchant’s secured creditors in the inventory

154
Q

What is the good faith requirement of a buyer in the ordinary course’s third-party rights?

A

Buyer must not know that the sale was in violation of the terms of the security agreement

155
Q

A buyer who purchases in the ordinary course only takes free of security interests in the inventory created by _______.

A

The buyer’s seller

156
Q

A buyer of farm products from a farmer will not take free of _________________.

A

Existing perfected security interests in the farm products

157
Q

The holder/purchase of a negotia ble instrument has priority over any security interests in the negotiable instrument if ________.

A

They qualify as a holder in due course

158
Q

If a debtor has defaulted on the security agreement, the secured creditor has statutory remedies under _____ and _____.

A

Article 9

Judicial remedies

159
Q

After default by the debtor, the secured party may notify _____ or ______.

A
  1. An account debtor OR
  2. Other person obligated on collateral to make payment/otherwise render performance to/for the benefit of the secured party
160
Q

Self-help for repossessing collateral is permitted if ________.

A

it can be accomplished w/o a breach of the peace

161
Q

Repossession made over any protest, no matter how mild, constitutes ________.

A

A breach of the peace

162
Q

If a repossessing creditor breaches the peace then:

A
  1. The creditor loses statutory authorization for self-help repossession AND
  2. Debtor may sue the creditor for conversion and recover actual/punitive damages
163
Q

If collateral is located in the debtor’s home, the secured creditor needs ________.

A

Voluntary and contemporaneous consent to enter the debtor’s home to engage in self-help repossession

164
Q

A secured creditor may trick a debtor for repossession but may not ____________.

A

Impersonate a police officer

165
Q

Repossession by judicial action is also known as __________.

A

writ of replevin

166
Q

What is repossession by judicial action?

A

A secured creditor may obtain a judicial writ ordering the sheriff to obtain possession of the collateral and deliver it to the secured party

167
Q

A secured creditor who has repossessed the collateral may elect to keep the collateral in full satisfaction of ________.

A

The outstanding debt

168
Q

To accomplish strict foreclosure, a secured party must _____________.

A

Send a written proposal to retain the collateral in full satisfaction of the outstanding debt

169
Q

Regarding strict foreclosure, if the collateral is consumer goods, the secured creditor must send notice to _____ or _____.

A

The debtor

Any secondary obligors

170
Q

Who are secondary obligors?

A

Those who have guaranteed the debtor’s underlying obligation

171
Q

If the collateral is non-consumer goods, the secured creditor must send notice to:

A
  1. The debtor
  2. Other secured creditors that have informed the foreclosing secured creditor of their security interest in the collateral
  3. Perfected secured creditors
  4. Any secondary obligors
172
Q

Any notified party must object to strict foreclosure within _______ after notice is sent.

A

20 days

173
Q

If any notified party objects to strict foreclosure, what happens?

A
  1. Strict foreclosure is prohibited
  2. The collateral must be disposed of by sale
174
Q

If the collateral is consumer goods, there is no strict foreclosure if the debtor has paid _____________ of the ______ or _______.

A

60%

Cash price

Loan against the consumer good

175
Q

Upon default, what is the sale requirement?

A

A secured party must:
1. Sell the collateral AND
2. Apply the proceeds to the debt

176
Q

A secured party chooses whether a sale resulting from default will be _____ or _____.

A

Public

Private

177
Q

Every aspect of a disposition of collateral must be ________ reasonable.

A

Commercially

178
Q

When is disposition commercially reasonable>

A

A secured party may dispose of collateral by public/private proceedings according to any time, place, or terms

179
Q

Can a secured party purchase collateral at a public or private disposition?

A

Only a public one

180
Q

A secured party that disposes of collateral shall send ________ to specified persons.

A

A reasonable authenticated notification of disposition

181
Q

Regarding sale of consumer goods after default, if the collateral is consumer goods, the secured creditor must send notice to _____ and ______.

A

The debtor

Any secondary obligors

182
Q

Who are secondary obligors?

A

Those who have guaranteed the debtor’s underlying obligation

183
Q

Regarding sale of consumer goods after default, if the collateral is non-consumer goods, the secured creditor must send notice to:

A
  1. The debtor
  2. Other secured creditors that have informed the foreclosing secured creditor of their security interest in the collateral
  3. Perfected secured creditors
  4. Any secondary obligors
184
Q

Whether notification of sale after default is sent within a reasonable time is a question of ______ and under a standard of _______.

A

Fact

Commercial reasonableness

185
Q

In a non-consumer transaction, a notification of disposition is sent within a reasonable time if sent:

A
  1. After default AND
  2. 10 days or more before the earliest time of disposition set forth in the notification
186
Q

What content must be included in notice of disposition via public sale after default?

A

Time and place of sale

187
Q

What content must be included in notice of disposition via private sale after default?

A

Specific time after which sale will be made

188
Q

Under a disposition from default, what are the additional requirements for consumer goods?

A
  1. How any deficiency will be calculated
  2. How debtor may redeem the collateral
189
Q

After default, a secured party can proceed against the debtor for a deficiency judgment if ________.

A

The sale proceeds from the collateral are insufficient to satisfy the debtor’s obligations

190
Q

Deficiency following a disposition to a person related to the secured party is calculated based on ________.

A

The amount of proceeds that would have been realized in a disposition to an independent third party

191
Q

A debtor or any secondary obligor may redeem collateral by _____.

A

Tendering fulfillment of
1. All obligations secured by the collateral AND
2. The reasonable expenses incurred by the secured party, including attorney’s fees

192
Q

After default, a debtor or secondary obligor may redeem collateral at any time before ________.

A

A secured party has:
1. Sold the collateral OR
2. Completed a strict foreclosure

193
Q

After default, a debtor or secondary obligor may redeem collateral, but if the security agreement has an acceleration clause, then _______.

A

The debtor must pay the entire accelerated amount to redeem the collateral

Bar Exam (15 decks)

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