Once default has occurred and the secured party has obtained possession of the collateral, the secured party has no more options.​

The filing of a petition for bankruptcy will automatically stay most legal actions against the debtor.

No state allows a defaulting debtor to redeem the property before a foreclosure sale.

A debtor’s vehicle is never exempt from satisfaction of a judgment debt.

A creditor’s composition agreement is usually held to be enforceable.

Personal property that is most often exempt from satisfaction of judgment debts does not include equipment that the debtor uses in a business or trade.

Brass & Woodwind Instruments, Inc., allows Clifton to keep a professional clarinet that he bought from Brass & Woodwind even though he has not paid the full price. Brass & Woodwind’s legally sufficient financing statement in the goods need not include​

A bankruptcy estate consists of all the debtor’s interests in property currently held, wherever located.

Whatever a secured party obtains on a sale of collateral is all that he or she can collect on the debt.

A security interest that provides for a security interest in collateral subject to future advances is a floating lien.