Sam is the secured party in a transaction with Lilly, who is the debtor. Sam files a security agreement with the appropriate state official. The security agreement must contain
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The payment of Linda’s debt to Pat is guaranteed by Linda’s…
The payment of Linda’s debt to Pat is guaranteed by Linda’s personal property. Pat is most likely to perfect her interest by
A firm offer by a merchant may be oral.
A firm offer by a merchant may be oral.
Medical Supply Company and Health Care, Inc., enter into a c…
Medical Supply Company and Health Care, Inc., enter into a contract for a sale of medical equipment and supplies. Under either a shipment contract or a destination contract, the seller must
The payment of Valley Farm’s debt to County Bank is guarante…
The payment of Valley Farm’s debt to County Bank is guaranteed by the farm’s personal property. This property is
Metro Motors files a financing statement giving notice to th…
Metro Motors files a financing statement giving notice to the public that it has a secured interest in collateral belonging to Nate’s Limousine Service, which is the debtor named in the statement. A uniform financing statement used in all states is
Edgar refuses to pay Delia $500 for the cost to repair Edgar…
Edgar refuses to pay Delia $500 for the cost to repair Edgar’s washing machine and dryer, which Delia still possesses. Delia has a lien on the machines, which will terminate
To knowingly supply false information on official bankruptcy…
To knowingly supply false information on official bankruptcy schedules is a crime.
CreditLine Inc. joins with other creditors to force Deli San…
CreditLine Inc. joins with other creditors to force Deli Sandwich Shop, a debtor, into bankruptcy. One of the goals of bankruptcy law with respect to creditors is to
Jessie’s debt to Kayla is past due. Kayla brings a legal act…
Jessie’s debt to Kayla is past due. Kayla brings a legal action against Jessie to collect the debt. Kayla asks the court to order Liberty Bank, in which Jessie has an account, to pay a portion of the funds to Kayla. This is a request for