As provided in the Uniform Commercial Code, the instrument that describes the creditor's interest in personal property is a:

Written by Posted On Tuesday, 20 November 2018 05:00

(A) Pledge
(B) Hypothecated agreement
(C) Security agreement
(D) Chattel mortgage

 

Answer:  (C)  The Security Agreement is the document used to secure the creditor's interest in personal property. In some states the Security Agreement has replaced the chattel mortgage.

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