Practice question
A creditor proposes full-satisfaction retention after default and sends the proposal to every required recipient. One entitled recipient timely objects in writing within twenty days. The creditor insists that silence from everyone else necessarily authorizes retention under Section 54(b)(1). Which is correct?
- Every proposal immediately transfers ownership
- One timely entitled objection is irrelevant
- Only the creditor may decide whether objections count
- The debtor’s family must vote
- The timely written objection defeats the stated no-objection condition for that retention route
Legal references
- RA 11057, Section 54(b)(1): https://lawphil.net/statutes/repacts/ra2018/ra_11057_2018.html
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