Practice question
A subordinate secured creditor seeks payment from disposition proceeds. Under Section52(a)(3), what must the enforcing creditor receive before distribution is completed?
- A written demand and proof of the subordinate interest
- Only an anonymous rumor
- Only a verbal greeting
- Only a demand received after all proceeds are distributed
- No proof in any case
Legal references
- RA11057 PPSA: https://lawphil.net/statutes/repacts/ra2018/ra_11057_2018.html Sections47(b),48(a),49,51–52.
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