Gregory borrows $200,000 from Mountain Bank to purchase a plot of land, and Mountain Bank perfects its security interest. Gregory defaults on the loan, and owes an outstanding balance of $80,000
His house has gone down in value to $160,000 at the time of default, but he has other personal assets to satisfy the debt. Which of the following is a course of action for Mountain Bank to recover the debt after foreclosing on the loan?
A) proceed to judgment against Gregory
B) file a financing statement
C) release a termination statement
D) proceed to repossess the collateral
A
You might also like to view...
According to Festinger, which of the following factors is most relevant as people deal with the discomfort of cognitive dissonance?
A. Personal ethics B. Judgment of others C. Personality differences D. Control over the situation E. Experience with decision-making
All of the following tests of controls will provide evidence about the physical security of the computer center except
a. review of fire marshal records b. review of the test of the backup power supply c. verification of the second site backup location d. observation of procedures surrounding visitor access to the computer center
The direction of testing from recorded amounts toward supporting documentation provides evidence as to existence of assets and revenues
a. True b. False Indicate whether the statement is true or false
Describe how to cope with the symptoms of culture shock.
What will be an ideal response?