Asked by

becca gregory
on Nov 30, 2024

verifed

Verified

Mary financed her 72" high-definition TV with a bank, but is now delinquent on her payments. The bank holds a security interest in the TV. In most states, when Mary is not at home and without her knowledge, bank personnel may enter Mary's home to repossess the TV.

Security Interest

A legal claim or lien on collateral that gives a creditor the right to possess and sell the asset if the debtor fails to meet the obligations of a loan agreement.

Repossess

The act of taking back ownership of property, typically by a lender or seller, from the borrower or buyer due to failure to meet repayment terms.

  • Acquire knowledge on the duties and privileges of individuals in debt and secured lenders within the framework of asset recovery and bankruptcy situations.
verifed

Verified Answer

AW
Autumn WetzelDec 05, 2024
Final Answer:
Get Full Answer