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Question
Bonn, a secured party, sells collateral at a private sale to a good faith purchaser for value after the debtor defaults. Which of the following statements is true with regard to the UCC Secured Transactions Article?
A. In all cases, the collateral will remain subject to the security interests of subordinate lien creditors.
B. The security interest under which the sale was made and any security interest or lien subordinate to it will be discharged.
C. In all cases, Bonn may not buy the collateral at a private sale.
D. Bonn will be entitled to receive a first priority in the sale proceeds.
Answer
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