Practice question
What is the first application of disposition proceeds under Section52?
- Reasonable enforcement and disposition expenses, including the specified legal expenses
- A gift to the secured creditor’s relatives
- All junior debts before any expenses
- An automatic bonus equal to the collateral value
- The debtor’s unrelated holiday costs
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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