Mr. DEBT's Hello To Mr. DAMAGE: Case Analysis On Freight Industry

Suppose an individual has borrowed a specific sum of money against an asset of a reciprocal value as security. However, the debtor fails to fulfill his obligation; and subsequently, the creditor exercises his lien and disposes of the former's asset to retrieve the due amount. Unfortunately, the sale proceeds of the debtor's assets were not sufficient to cover his claim. Ergo, a substantial question arises as to whether the creditor would continue to have a claim against the debtor? Better yet, could one opine that the creditor would have a valid claim if the underlying issue was outstanding freight charges and not a loan and the security sold was the cargo? Let's read further to find out.