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| Gilbert borrowed $10,000 from Merchant National Bank and signed a negotiable promissory note which contained an acceleration clause. In addition, securities valued at $11,000 at the time of the loan were pledged as collateral. Gilbert has defaulted on the loan repayments. At the time of default, $9,250, plus interest of $450, was due, and the securities had a value of $8,000. Merchant A. Cannot invoke the acceleration clause in the note until 10 days after the notice of default is given to Gilbert. B. Is entitled to proceed against Gilbert on either the note or the collateral or both. C. Must give Gilbert 30 days after default in which to refinance the loan. D. Must first proceed against the collateral before proceeding against Gilbert personally on the note. |