Introductory Business Law CLEP Prep Practice Exam

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What type of rights do secured creditors have?

  1. Preferential rights

  2. Proprietary rights

  3. Property rights

  4. Plenary rights

The correct answer is: Preferential rights

Secured creditors have preferential rights because they have a higher priority in repayment compared to unsecured creditors. Proprietary and property rights may refer to ownership rights over assets, but they are not specific to creditors. Plenary rights generally refer to full or complete rights, but this term is not commonly used in the context of creditors' rights. Therefore, A is the most accurate and specific answer.

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