Business Law

Business Law

“Priority”

Priority

Steve owns a car. He decides that he needs a loan in order to improve his house, so he

goes to Liv. He agrees to give Liv

a security interest in the car in exchange for $4,000.

Two weeks later he decides that he needs more money.

He goes to Dane. He gives Dane a security interest in the car in exchange for $10,000.

Dane files a financing statement to perfect the interest. A

week after that Liv does the

same. Eventually, Steve defaults in his payments. The car is reposed, and it is sold for

$3,000. How much money will Dane receive? How much money will Liv receive?

Your paper should be 1

-

2 pages in length (double

-

spaced, with o

ne inch margins

all around).

Be certain to explain and support your answ

er.

No Plagiarism!!!!!

Business Law “Priority”

Priority

Steve owns a car. He decides that he needs a loan in order to improve his house, so he

goes to Liv. He agrees to give Liv a security interest in the car in exchange for $4,000.

Two weeks later he decides that he needs more money.

He goes to Dane. He gives Dane a security interest in the car in exchange for $10,000.

Dane files a financing statement to perfect the interest. A week after that Liv does the

same. Eventually, Steve defaults in his payments. The car is reposed, and it is sold for

$3,000. How much money will Dane receive? How much money will Liv receive?

Your paper should be 1-2 pages in length (double-spaced, with one inch margins

all around). Be certain to explain and support your answer.

No Plagiarism!!!!!