Asked by
becca gregory
on Nov 30, 2024Verified
Mary financed her 72" high-definition TV with a bank, but is now delinquent on her payments. The bank holds a security interest in the TV. In most states, when Mary is not at home and without her knowledge, bank personnel may enter Mary's home to repossess the TV.
Security Interest
A legal claim or lien on collateral that gives a creditor the right to possess and sell the asset if the debtor fails to meet the obligations of a loan agreement.
Repossess
The act of taking back ownership of property, typically by a lender or seller, from the borrower or buyer due to failure to meet repayment terms.
- Acquire knowledge on the duties and privileges of individuals in debt and secured lenders within the framework of asset recovery and bankruptcy situations.
Verified Answer
AW
Learning Objectives
- Acquire knowledge on the duties and privileges of individuals in debt and secured lenders within the framework of asset recovery and bankruptcy situations.