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Chapter 37 Questions

Chapter 37 Questions

Q 1. Victor sells to Bonnie a refrigerator for $600 payable in monthly installments of $30 for twenty months. Bonnie signs a security agreement granting Victor a security interest in the refrigerator. The refrigerator is installed in the kitchen of Bonnie’s apartment. There is no filing of any financing statement. Assume that after Bonnie has made the first three monthly payments: a. Bonnie moves from her apartment and sells the refrigerator in place to the new occupant for $350 cash. What are the rights of Victor? b. Bonnie is adjudicated bankrupt, and her trustee in bankruptcy claims the refrigerator. What are the rights of the parties?

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A) In context to the mentioned circumstance, it can be stated that as of section 9-309(1), of the Uniform Commercial Code elaborates that no filing is actually required to set off any economic interest or pecuniary interest as per consumer goods (Mann & Roberts, 2019). It is because of this, the person mentioned in the scenario could flexibly sell away the appliances and at the same time, has complete right to recover from the unpaid balance left as of the purchase price value.