Michigan Collections Manager License Practice Test

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the Michigan Collections Manager License Test with flashcards and multiple choice questions. Each question is equipped with hints and detailed explanations to enhance your understanding and readiness.

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

Which of the following parties is a secured party entitled to pursue for debts owed?

The primary debtor exclusively
Only the secondary obligor
Any person who claims an interest
None, only interested parties

The correct answer is: Any person who claims an interest

A secured party has the right to pursue any person who claims an interest in the collateral or has responsibility for the debt. This broad ability includes both the primary debtor and any secondary obligors who may also be liable for the debt. The secured party's interest is not limited to just one party; they can seek payment from anyone involved with the transaction, therefore maximizing the chances of recovering the owed amounts. This principle aligns with the objectives of secured transactions, where the secured party wants to ensure they can collect on the debt while protecting their interests in the collateral. The answer encompasses the entirety of parties potentially liable or connected to the obligation without restricting them to a single entity. The other options are limited in scope and do not reflect the secured party's full rights under applicable laws regarding secured transactions.