Author Question: Which of the following would lead to termination by operation of law for an agency: a. the ... (Read 86 times)

mcmcdaniel · **on:** Jun 24, 2018

Which of the following would lead to termination by operation of law for an agency:
a. the principal dies b. the agent dies
c. the subject matter of the agency is destroyed d. all of the other specific choices are correct
e. none of the other specific choices are correct

Question 2

Fogel purchased a television set for 900 from Hamilton Appliance. Hamilton took a promissory note signed by Fogel and a security interest for the 800 balance due on the set. It was Hamilton's policy not to file a financing statement until the purchaser defaulted. Fogel obtained a loan of 500 from Reliable Finance, which took and recorded a security interest in the set. A month later, Fogel defaulted on several loans and one of his creditors, Harp, obtained a judgment against Fogel, which was properly recorded. After making several payments, Fogel defaulted on a payment due to Hamilton, who then recorded a financing statement subsequent to Reliable's filing and the entry of the Harp judgment. Subsequently, at a garage sale, Fogel sold the set for 300 to Mobray. Which of the parties has the priority claim to the set?
a. Reliable
b. Hamilton
c. Harp
d. Mobray