The payment of Cathy’s debt to Debt Collection Corporation is guaranteed by Cathy’s personal property. Debt Collection i...
The payment of Cathy’s debt to Debt Collection Corporation is guaranteed by Cathy’s personal property. Debt Collection is most likely to perfect its interest by
| a. |
insuring the property for the full amount of its value. |
|
| b. |
calculating the precise amount of the debt. |
|
| c. |
filing a financing statement with the appropriate authority. |
|
| d. |
correcting grammatical errors in the parties’ written agreement |
Homework Answers
It has been stated that personal property of Cathy acts as guarantor for the payment of Cathy's debt to Debt Collection Corporation.
However, Debt Collection Corporation have to undertake some action to safeguard its interest in case Cathy defaults to get its payment through Cathy's personal property.
One action that Debt Collection Corporation can take is to file a financing statement with the appropriate authority.
Hence, the correct answer is the option (C).
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