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Debt and Bankruptcy
?
BigBank Inc. is enforcing a security interest against all, or substantially all, of the inventory, accounts receivable, or other assets of a business debtor. What must BigBank Inc. do before enforcing its security?
provide the debtor with 10 days’ notice of its intention to enforce its security
notify the Ombudsman for Banking Services and Investments
file a statement of claim for the amount outstanding
first attempt to collect the debt by enforcing personal guarantees
Show Result
Correct
- Your answer is correct.
Wrong
- Your answer is wrong.
Detailed Answer
Correct answer: (A)
provide the debtor with 10 days' notice of its intention to enforce its security
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