First Bank loaned $400,000 to Thomas, taking a security interest in his yacht. Thomas defaulted on the loan and First Bank repossessed the boat. First Bank sold the yacht at a public sale. The sale yielded $50,000 more than the debt. First Bank:
a. must pay Thomas the $50,000.
b. is entitled keep the $50,000.
c. must share the $50,000 equally with Thomas.
d. must pay the surplus to the Secretary of State.
a
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A. low-context B. high-context C. ambiguous D. inexact
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