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0 tracked cards Supplemental - Not MEE July 2026

A secured equipment loan requires the debtor to keep the equipment insured and states that failure to do so is an event of default. The debtor is current on payments but lets insurance lapse for two weeks.
Which statement is most accurate?

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Collateral insurance is governed only by real-property mortgage law and never by secured loan documents. Insurance lapses matter only to perfection, not default. A nonmonetary covenant is enforceable only in consumer transactions. A failure to maintain required insurance can be a default if the loan documents make it a default event.

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