Question

Diamond Drilling, Inc. purchases a piece of drilling equipment on credit from Steel Industries. Steel Industries files a financing statement covering its security interest in the equipment. Diamond Drilling then fails to make its required payments. Steel Industries now has the right to take possession of the equipment on default by Diamond Drilling. This right is called ________.

Answer 1

Answer:The right of lien

Step-by-step explanation:

It's the right of a seller in a credit sales contract to repossess the goods when the buyer failed to make payment as agreed.