SU #18.10

Question 1

Bailee

Answer 1

the secured party in possession of collateral

Question 2

Secured Party Remedies

Answer 2

1. sue the debtor for the amount due
2. peaceably take possession and dispose of the
   collateral
3. accept (retain) the collateral

Question 3

Proceeds of collection or enforcement is made

Answer 3

1. Payment of reasonable expenses of collection or enforcement
2. satisfaction of the debt owed to secured party
3. Satisfaction of debts owed to subordinate secured parties
4. Payment of any surplus to the debtor