This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Gateway sold a big-screen TV and entertainment center to Iris for 2000 on credit. Iris signed a ... (Read 100 times)

kwoodring

  • Hero Member
  • *****
  • Posts: 560
on: Jun 24, 2018
Gateway sold a big-screen TV and entertainment center to Iris for 2000 on credit. Iris signed a promissory note and gave Gateway a security interest in the TV and entertainment center. Gateway filed a financing statement in the appropriate public office. When Iris defaulted on her monthly payments owing a balance of 1780, Gateway's attorney made arrangements to have the TV and entertainment center repossessed. The attorney then placed classified ads in the local newspaper to sell the goods. The attorney's fees are 300, the repo company charged 150, and the advertising costs are 50. (
 A) Is Iris able to redeem the property? (B) If Iris does not redeem and the TV and entertainment center are sold for 1750, how will the money be disbursed?

Question 2

Country Bank, located in Indiana, loaned Chmelik 5,000 and obtained a security interest in a copyright Chmelik owns. Chmelik lives in Illinois, but works in Indiana. In order to perfect its interest, Country Bank files a financing statement in Indiana. The financing statement provides Chmelik's correct name, his business address, and a reasonable description of the copyright used as collateral. Is the financing statement sufficient?
 A) Yes, it meets the UCC requirements for contents and filing.
 B) No, if the debtor is an individual, the secured party must file in the state of the debtor's principal residence, which in this case would be Illinois.
 C) No, the secured party needed to file a financing statement in both Indiana and Illinois.
 D) No, a security interest cannot be attached to a copyright.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

zenzy

  • Sr. Member
  • ****
  • Posts: 336
Reply #1 on: Jun 24, 2018
Answer to Question 1


(A) Yes, Iris may redeem the property. Up to the time that the secured party disposes of the collateral, the debtor has the right to redeem it. This means that the debtor can regain possession of the collateral if she pays the full balance of the note.
(B) If Iris does not redeem and the TV and entertainment center sell for 1750, the sale proceeds will be distributed as follows:


Sale Proceeds

1750.00

- Attorney's Fees

-300.00

- Repo Co.

-150.00

- Advertising

-50.00


Balance

1250.00

to be applied to the loan balance of 1780.



This leaves a deficiency balance of 530. Gateway can sue Iris to obtain a general unsecured judgment for this deficiency balance.



Answer to Question 2

B


kwoodring

  • Member
  • Posts: 560
Reply 2 on: Jun 24, 2018
Gracias!

nyrave

  • Member
  • Posts: 344
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

HIV testing reach is still limited. An estimated 40% of people with HIV (more than 14 million) remain undiagnosed and do not know their infection status.

Did you know?

Most strokes are caused when blood clots move to a blood vessel in the brain and block blood flow to that area. Thrombolytic therapy can be used to dissolve the clot quickly. If given within 3 hours of the first stroke symptoms, this therapy can help limit stroke damage and disability.

Did you know?

Women are two-thirds more likely than men to develop irritable bowel syndrome. This may be attributable to hormonal changes related to their menstrual cycles.

Did you know?

More than one-third of adult Americans are obese. Diseases that kill the largest number of people annually, such as heart disease, cancer, diabetes, stroke, and hypertension, can be attributed to diet.

Did you know?

Once thought to have neurofibromatosis, Joseph Merrick (also known as "the elephant man") is now, in retrospect, thought by clinical experts to have had Proteus syndrome. This endocrine disease causes continued and abnormal growth of the bones, muscles, skin, and so on and can become completely debilitating with severe deformities occurring anywhere on the body.

Defibrillator. Defibrillators are devices that supply a voltage charge to the heart in the hope of r Defibrillator. Defibrillators are devices that supply a voltage charge to the heart in the hope of r
Start the diagnosis by locating the relay center. It is under the hood on this General Motors ... Start the diagnosis by locating the relay center. It is under the hood on this General Motors ...
Passive touch in center of abdomen as finishing technique. Place a hand gently in the center of the ... Passive touch in center of abdomen as finishing technique. Place a hand gently in the center of the ...
Mastering Biology Question Mastering Biology Question
screen-shot-2017-02-20-at-4-51-22-pm.png screen-shot-2017-02-20-at-4-51-22-pm.png
Jamal plans to retire in 17 years. He is saving $2000 every start of the month in a retirement ... Jamal plans to retire in 17 years. He is saving $2000 every start of the month in a retirement ...
Video: Oogenesis Animation

For a complete list of videos, visit our video library