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Essay Multiple Choice

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All Jurisprudence based

0 tracked cards Civil Law and Land Titles and Deeds

Two creditors have security interests in the same collateral. A lower-ranking creditor has begun enforcement but has not sold, disposed of or retained it, and no agreement for such action has concluded. A higher-ranking creditor invokes Section 46. Which is correct?

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Priority can never affect enforcement Only the lower-ranking creditor may act forever Starting first always defeats priority The higher-ranking secured creditor may take over enforcement within the statutory time limits

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