To exercise the right of redemption, what must the debtor or another secured party do?
Explanation
This question clarifies the requirements for a debtor to exercise their right of redemption, which is a final opportunity to keep the collateral by satisfying all outstanding obligations.
Other questions
Under Article 9 of the UCC, which of the following is defined as any creditor who has a security interest in a debtor's collateral?
What is the document normally filed to give public notice to third parties of a secured party's security interest, and is also referred to as the UCC-1 form?
For a creditor to have an enforceable security interest, which of the following is NOT one of the three requirements that must be met?
The legal process by which secured parties protect themselves against the claims of third parties who may wish to have their debts satisfied out of the same collateral is known as what?
According to the UCC, what is the standard duration of effectiveness for a financing statement from the date of filing?
If a debtor's name changes after a financing statement is filed, for how long does the financing statement remain effective for collateral the debtor acquired before or within that period after the name change?
What is the general rule under the UCC for identifying a debtor on a financing statement if the debtor is a sole proprietorship owned by Peter Jones and named 'Pete's Plumbing'?
What does a Purchase-Money Security Interest (PMSI) in consumer goods refer to?
When is a PMSI in consumer goods perfected?
Which of the following is an exception to the rule of automatic perfection for a Purchase-Money Security Interest (PMSI)?
What is the term for a security interest that continues in collateral or proceeds even if the collateral is sold, exchanged, or disposed of, and can cover after-acquired property and future advances?
When there are two conflicting perfected security interests in the same collateral, what is the general rule for determining which interest has priority?
What protection does the UCC give to a person who is a 'buyer in the ordinary course of business' (BIOCB)?
Sandoval purchases a new piece of equipment on credit from Zylex Company on July 1 and takes possession on August 1. Zylex has a Purchase-Money Security Interest (PMSI) in the equipment. To have priority over a prior perfected security interest West Bank holds in Sandoval's after-acquired equipment, by what date must Zylex perfect its PMSI?
What two conditions must a secured party with a PMSI in inventory meet to have priority over a conflicting security interest in the same inventory?
If a secured party perfects its interest by filing, how can a debtor ensure that the public record reflects that the debt has been fully paid?
If collateral consists of consumer goods, within what time frame must a secured party file a termination statement after the final payment is made?
On a debtor's default, which of the following is NOT a method of possession a secured party can take under the 'self-help' provision of Article 9?
What happens if a secured party retains collateral consisting of consumer goods where the debtor has paid 60 percent or more of the purchase price on a PMSI?
Under UCC 9-610, what is the major limitation on the disposition of collateral by a secured party after default?
After a commercially reasonable disposition of collateral, the proceeds are distributed. Which of the following has the first priority for payment?
If the sale of repossessed collateral does not cover the entire debt owed, what remedy is generally available to the creditor?
The debtor's right to buy back the collateral before the secured party disposes of it is known as what?
In the case of Corona Fruits & Veggies, Inc. v. Frozsun Foods, Inc., why was the financing statement filed under the name 'Armando Munoz' deemed seriously misleading?
What is the general rule regarding the priority between two unperfected security interests in the same collateral?
Under what circumstance can a security interest in proceeds remain perfected for more than twenty days after the debtor receives the proceeds?
When is a financing statement not required to perfect a security interest?
For a security agreement to be valid when the secured party does not have possession of the collateral, what is required of the debtor?
Under Article 9, what is the proper location for filing a financing statement when the debtor is an individual?
If a debtor is a corporation, where should a financing statement be filed to perfect a security interest?
A security agreement describes collateral as 'all the debtor’s personal property'. How would the UCC likely treat this description?
Within how many days of the debtor receiving possession must a secured party perfect a PMSI in equipment to gain priority over conflicting perfected security interests?
What must a secured party do to continue the effectiveness of a financing statement beyond its initial five-year period?
What is the consequence if a secured party fails to file a continuation statement within the proper time frame and the financing statement lapses?
What is the general priority rule between a perfected secured party and an unperfected secured party claiming an interest in the same collateral?
In the case Layne v. Bank One, Kentucky, N.A., the court determined that the disposition of the PurchasePro stock was commercially reasonable because:
If a debtor, in an authenticated demand, requests a termination statement for collateral that is NOT consumer goods, how long does the secured party have to send or file the statement?
What is defined as property the debtor acquired after the execution of the security agreement, which can be covered by a clause in that agreement?
A secured party fails to send a termination statement for non-consumer goods as requested by the debtor. What is the penalty the debtor can recover?
In the case of Heartland Bank v. National City Bank, the court gave priority to the buyers of the vehicles over Heartland Bank's perfected security interest because:
What is cross-collateralization?
Which of the following is NOT a form of tangible collateral under Article 9?
Perfection of a security interest in which of the following types of collateral can be accomplished by control?
If a secured party wishes to retain collateral after a debtor's default, and they receive a written objection from the debtor within 20 days of sending notice, what must the secured party do?
What does it mean for attachment of a security interest to occur?
What is the term for a buyer who, in good faith and without knowledge that the sale violates the rights of another, buys from a merchant in the business of selling goods of that kind?
A debtor requests an accounting from a secured party. If the secured party fails to respond within the UCC's specified timeframe, what is the consequence?
What is the maximum amount of debt a consumer-debtor can transfer to a creditor within the preference period without it being considered a recoverable preference?
What is the term for a security interest in property that the debtor acquired after the security agreement was executed?
When can a secured party who has repossessed collateral NOT retain it in full satisfaction of the debt?