Any breach of the terms of the security agreement can constitute default.

The filing of a petition for bankruptcy will automatically stay most legal actions against the debtor.

No state allows a defaulting debtor to redeem the property before a foreclosure sale.

Proceeds are whatever is received when collateral is sold.

A creditor’s composition agreement is usually held to be enforceable.

In a dispute over a sale involving a bicycle, Dain argues that as to this deal Ed’s Hobby Shop, where Dain bought the bike, is a merchant. A court may determine whether Ed’s is a merchant by assessing whether

The UCC requires that the mirror image rule be followed for all acceptances.

Personal property that is most often exempt from satisfaction of judgment debts does not include equipment that the debtor uses in a business or trade.

Brass & Woodwind Instruments, Inc., allows Clifton to keep a professional clarinet that he bought from Brass & Woodwind even though he has not paid the full price. Brass & Woodwind’s legally sufficient financing statement in the goods need not include​

Julie owes Ryan $10,000. When the debt comes due, Julie refuses to pay. Ryan obtains a judgment to collect the debt. Using a writ of execution, the court orders the sheriff to seize Julie’s boat and sell it to pay the debt. The boat sells for $15,000. Ryan will receive​