Questions from Business Law

Q: Lockovich borrowed money from a bank to purchase a motorboat. The

Lockovich borrowed money from a bank to purchase a motorboat. The bank took a security interest in it but never filed a financing statement. A subsequent default on the loan occurred, and the debtor w...

Q: In 1987, the Muirs bought a motor home. In 1988

In 1987, the Muirs bought a motor home. In 1988, the Muirs created and Bank of the West acquired and perfected a security interest in the motor home. In 1992, the Muirs entered into an agreement with...

Q: On April 18, 2000, Philip Purkett parked his car,

On April 18, 2000, Philip Purkett parked his car, on which he owed $213 in payments, in his garage and locked the garage. Later that night, TWAS, Inc., a vehicle repossession company, broke into the g...

Q: A borrowed money from B and orally agreed that B had a

A borrowed money from B and orally agreed that B had a security interest in equipment that was standing in A ’ s yard. Nothing was in writing, and no filing of any kind was made. Nine days later, B to...

Q: NationWide Check Corp. sold money orders through local agents. A

NationWide Check Corp. sold money orders through local agents. A customer would purchase a money order by paying an agent the amount of the desired money order plus a fee. The customer would then sign...

Q: Cook sold Martin a new tractor truck for approximately $13,

Cook sold Martin a new tractor truck for approximately $13,000, with a down payment of approximately $3,000 and the balance to be paid in 30 monthly installments. The sales agreement provided that “ o...

Q: Okamoto owed money to Hornblower & Weeks- Hemphill, Noyes (

Okamoto owed money to Hornblower & Weeks- Hemphill, Noyes (a law firm and hereafter Horn- blower). Hornblower filed an involuntary bankruptcy petition against Okamoto, who moved to dismiss the petitio...

Q: Carol Cott, doing business as Carol Cott Fashions, is worried

Carol Cott, doing business as Carol Cott Fashions, is worried about an involuntary bankruptcy proceeding being filed by her creditors. Her net worth, using a balance sheet approach, is $8,000 ($108,00...

Q: On July 1, Roger Walsh, a sole proprietor operating a

On July 1, Roger Walsh, a sole proprietor operating a grocery, was involuntarily petitioned into bankruptcy by his creditors. At that time, and for at least 90 days prior to that time, Walsh was unabl...

Q: Three general unsecured creditors are owed $45,000 as follows

Three general unsecured creditors are owed $45,000 as follows: A , $15,000; B , $5,000; and C , $25,000. After all other creditors were paid, the amount left for distribution to general unsecured c...