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Author Question: Country Bank, located in Indiana, loaned Chmelik 5,000 and obtained a security interest in a ... (Read 214 times)

michelleunicorn

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on: Jun 24, 2018
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.

Question 2

Who will prevail in the following scenarios applying the CISG? Would your answer change if the parties selected the UCC pursuant to a choice of law clause? Please provide a short explanation for each of your answers. Scenario An attempt by an American buyer to avoid payment for goods received from a French seller based upon a letter providing that the goods were deficient in quality.


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josephsuarez

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Reply #1 on: Jun 24, 2018
Answer to Question 1

B

Answer to Question 2

Utilizing the CISG, the French seller may prevail. The CISG requires that the notice of deficiency of goods must specify the nature of the nonconformity. Utilizing the UCC, the American buyer may prevail. The UCC does not require the buyer to describe in detail the deficiency of the goods.


michelleunicorn

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Reply #2 on: Jun 24, 2018
Thank you


josephsuarez

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Reply #3 on: Jun 24, 2018
No problemo


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