Questions from Business Law

Q: On January 2, Burt asked Logan to loan him money “

On January 2, Burt asked Logan to loan him money “against my diamond ring.” Logan agreed to do so. To guard against intervening liens, Logan received permission to file a financing statement, and Burt...

Q: Joanna takes a security interest in the equipment in Jason Store and

Joanna takes a security interest in the equipment in Jason Store and files a financing statement claiming “equipment and all after acquired equipment.” Berkeley later sells Jason Store a cash register...

Q: Finley Motor Company sells an automobile to Sara and retains a security

Finley Motor Company sells an automobile to Sara and retains a security interest in it. The automobile is insured, and Finley is named beneficiary. Three days after the automobile is totally destroyed...

Q: On September 5, Wanda, a widow who occasionally teaches piano

On September 5, Wanda, a widow who occasionally teaches piano and organ in her home, purchased an electric organ from Murphy’s music store for $4,800, trading in her old organ for $1,200 and promising...

Q: On May 1, Lincoln lends Donaldson $200,000 and

On May 1, Lincoln lends Donaldson $200,000 and receives from Donaldson his agreement to pay this amount in two years and takes a security interest in the machinery and equipment in Donaldson’s factory...

Q: Anita bought a television set from Bertrum for her personal use.

Anita bought a television set from Bertrum for her personal use. Bertrum, who was out of security agreement forms, showed Anita a form he had executed with Nathan, another consumer. Anita and Bertrum...

Q: Aaron bought a television set for personal use from Penny. Aaron

Aaron bought a television set for personal use from Penny. Aaron properly signed a security agreement and paid Penny $125 down, as their agreement required. Penny did not file, and subsequently Aaron...

Q: Jones bought a used car from the A-Herts Car Rental

Jones bought a used car from the A-Herts Car Rental Sys- tem, which regularly sold its used equipment at the end of its fiscal year. First National Bank of Roxboro had previ- ously obtained a perfecte...

Q: Hannaford is a national grocery chain whose electronic payment processing system was

Hannaford is a national grocery chain whose electronic payment processing system was breached by hackers as early as December 7, 2007. The hackers stole up to 4.2 million credit and debit card numbers...

Q: a. Benson goes into bankruptcy. His estate is not sufficient

a. Benson goes into bankruptcy. His estate is not sufficient to pay all taxes owed. Explain whether Benson’s taxes are discharged by the proceedings. b. Benson obtained property from Anderson on credi...