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Source Trusts and Estates in MPT Complete MPT and Lawyering Skills List Showing the closest available flashcard practice.

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0 tracked cards Supplemental - Not MEE July 2026

A debtor has two secured loans with the same lender. Loan 2 says default occurs if the debtor defaults on any other obligation owed to the lender. The debtor defaults on Loan 1 but remains current on Loan 2's scheduled payments.
Which statement is most accurate?

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Cross-default eliminates the debtor's right to raise waiver or cure arguments. Cross-default clauses are always unenforceable in secured transactions. A default under one obligation can trigger default under another obligation if the documents contain an enforceable cross-default clause. Cross-default can occur only if both obligations are secured by the same collateral.

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