American_Bankers_Association
CTFA · Question #312
_________ is a legal note giving to the lender the right to sell collateral if the borrower defaults on the obligation.
The correct answer is C. Collateral note. See the full explanation below for the reasoning.
Fiduciary and Trust Activities
Question
_________ is a legal note giving to the lender the right to sell collateral if the borrower defaults on the obligation.
Options
- AChattel mortgage
- BLien
- CCollateral note
- DLoan application
How the community answered
(38 responses)- A8% (3)
- B3% (1)
- C71% (27)
- D18% (7)
Topics
#collateral note#secured lending#lender rights#loan default
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