Which of the following is NOT true regarding remedies for default of a security agreement?
a. After default, the secured party has the right to take possession of the collateral so long as judicial process is followed.
b. After properly taking possession of the property, the secured party may then dispose of the collateral at a public or private sale.
c. If there is a surplus from the sale of collateral, the secured parry is required to return it to the debtor.
d. If there is a deficiency from the sale of collateral, the debtor remains liable for that amount
a
You might also like to view...
Research and development costs should be presented as intangible assets
a. True b. False Indicate whether the statement is true or false
U.S. GAAP and IFRS require firms to account for correction of errors, if material, by
a. restating net income of prior periods and adjusting the beginning balance in Retained Earnings for the current period. b. restating net income of prior periods and adjusting the ending balance in Retained Earnings for the current period. c. restating net income of the current period and adjusting the beginning balance in Retained Earnings for the current period. d. restating net income of the current period and adjusting the ending balance in Retained Earnings for the current period. e. restating net income of the current period, only.
In Microsoft Access Edit Relationships window for Employee and Job tables, in order for
the change in SSN in Employee table to be reflected in Job table, requires turning on __________ check box. Fill in the blanks with correct word
The Brogan family currently lives in a suburb of a major city. They have a lovely home close to major routes of transportation. Both Mr. and Mrs. Brogan have convenient commutes of 30 minutes or less. Because the school system in their town does not have a quality reputation, they currently send their daughter to private school, conveniently located less than one mile from their home. The family's current monthly living expenses are listed below: Monthly Budget Mortgage, including taxes and insurance$5,000 Other utilities, including water, heat and telephone 500 Costs of running automobiles 800 Cost of private school 2,000 Total monthly budget$8,300 The Brogans are considering moving to a town approximately 20 minutes away. Because of the desirability of the local schools and
strict zoning, housing is very expensive in this town. Their daughter would attend public schools. The Brogans estimate that their monthly mortgage, taxes and insurance would increase to $7,000 per month, while the cost of running automobiles would increase 20% and other utilities 10%. Mortgage interest costs are tax deductible and the Brogans are in the 25% tax bracket. Assume that $700 of the increase in their monthly budget is for mortgage interest. What are the costs and benefits of moving? Which can be quantified and which cannot? What will be an ideal response?