True or False: A secured creditor may seize property immediately upon a debtor's default on secured debt.

The statement is true because, under secured transactions law, a secured creditor has the right to enforce their security interest when a debtor defaults on a secured debt. This means that the creditor can seize the property that was used as collateral for the loan without needing to obtain a court order, as long as they follow the proper legal procedures outlined in the Personal Property Security Act (PPSA) or relevant statutes.

In practical terms, this allows creditors to act swiftly to recover the value of the secured collateral, providing them with a measure of protection against potential losses if the debtor fails to meet their financial obligations. However, it's essential for the creditor to ensure that the repossession is done peacefully and lawfully to avoid potential legal repercussions.

The other options suggest limitations that would typically not apply in straightforward default situations, thereby clarifying why the assertion is indeed true.