A buyer’s failure to cover will bar him or her from using any other remedies available under the UCC.​

Any breach of the terms of the security agreement can constitute default.

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

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

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

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

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​

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.

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

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