Ontario Barrister and Solicitor Practice Exam

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Master the Ontario Barrister and Solicitor Exam with our comprehensive practice quiz. Tailored to the latest syllabus, it's the perfect tool to assess your readiness and ensure success.

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What is a remedy available to a secured creditor but not to an unsecured creditor?

Filing for bankruptcy on behalf of the debtor
Seizing assets subject to the security without a judgment
Demanding immediate payment for all outstanding debts
Participating in profit sharing

The correct answer is: Seizing assets subject to the security without a judgment

A secured creditor has a legal interest in specific assets of the debtor, known as collateral. This allows the creditor to seize and sell the collateral in order to recover the debt if the debtor defaults. This is a form of remedy only available to secured creditors and is not an option for unsecured creditors who do not have a legal claim to specific assets. Filing for bankruptcy on behalf of the debtor, demanding immediate payment for all outstanding debts, and participating in profit sharing are all possible actions for both secured and unsecured creditors. Therefore, the correct answer is B as it is the only option that is exclusively available to secured creditors.