Questions from Business Law

Q: Elmer and Arletta Hans, husband and wife, owned a parcel

Elmer and Arletta Hans, husband and wife, owned a parcel of real property in Illinois. They borrowed $100,000 from First Illinois National Bank (First Illinois) and executed a note and mortgage to Fir...

Q: Sally Fitch obtained a loan from Buffalo Federal Savings and Loan Association

Sally Fitch obtained a loan from Buffalo Federal Savings and Loan Association (Buffalo Federal). She signed a promissory note for $130,000 with interest at 17 percent. The loan was secured with a real...

Q: Jessie Lynch became seriously ill and needed medical attention. Her sister

Jessie Lynch became seriously ill and needed medical attention. Her sister, Ethel Sales, took her to the Forsyth Memorial Hospital in North Carolina for treatment. Lynch was admitted for hospitalizati...

Q: Elizabeth Valentine purchased a home in Philadelphia, Pennsylvania. She applied

Elizabeth Valentine purchased a home in Philadelphia, Pennsylvania. She applied for and received a home loan from Salmon Building and Loan Association (Salmon) for the purpose of paneling the cellar w...

Q: PSC Metals, Inc. (PSC), entered into an agreement

PSC Metals, Inc. (PSC), entered into an agreement whereby it extended credit to Keystone Consolidated Industries, Inc., and took back a security interest in personal property owned by Keystone. PSC fi...

Q: C&H Trucking, Inc. (C&H),

C&H Trucking, Inc. (C&H), borrowed $19,747.56 from S&D Petroleum Company, Inc. (S&D). S&D hired Clifton M. Tamsett to prepare a security agreement naming C&H as the debtor and giving S&D a security in...

Q: Joseph H. Jones and others (debtors) borrowed money from

Joseph H. Jones and others (debtors) borrowed money from Columbus Junction State Bank (Bank) and executed a security agreement in favor of Bank. Bank perfected its security interest by filing financin...

Q: John Waddell Construction Company (Waddell) maintained a checking account at

John Waddell Construction Company (Waddell) maintained a checking account at the Longview Bank & Trust Company (Longview Bank). Waddell drafted a check from this account made payable to two payees, En...

Q: Prior Brothers, Inc. (PBI), began financing its farming

Prior Brothers, Inc. (PBI), began financing its farming operations through Bank of California, N.A. (Bank). Bank’s loans were secured by PBI’s equipment and after-acquired property. Bank immediately f...

Q: Heritage Ford Lincoln Mercury, Inc. (Heritage) was in

Heritage Ford Lincoln Mercury, Inc. (Heritage) was in the business of selling new cars. Heritage entered into an agreement with Ford Motor Credit Company (Ford) whereby Ford extended a continuing line...