American_Bankers_Association
CTFA · Question #310
A legal claim permitting the lender in case the borrower defaults, to liquidate the items serving as collateral to satisfy the obligation is called:
The correct answer is B. Lien. See the full explanation below for the reasoning.
Fiduciary and Trust Activities
Question
A legal claim permitting the lender in case the borrower defaults, to liquidate the items serving as collateral to satisfy the obligation is called:
Options
- AChattel mortgage
- BLien
- CCollateral note
- DLoan application
How the community answered
(45 responses)- A7% (3)
- B80% (36)
- C2% (1)
- D11% (5)
Topics
#lien#collateral#loan default#secured lending
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