Trella purchased a $1,200 piano on credit from the Corbett Company, signing a security agreement. Months later, Trella missed one payment. Corbett repossessed the piano and billed Trella for the balance of $300 . Trella claimed that the piano was worth more than $300 and asked Corbett to sell it and return any excess money to her. Corbett refused. Was Corbett correct to refuse?
No. A creditor is not obligated to sell the collateral to satisfy the debt. However, if the debtor objects, the creditor must sell the collateral and return any excess money to the debtor.
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