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Essay Available:
Pages:
1 page/≈275 words
Sources:
3 Sources
Level:
APA
Subject:
Literature & Language
Type:
Case Study
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 3.6
Topic:

CASE STUDY: 4 questions (Case Study Sample)

Instructions:
Paul Barton owned a small property management company, doing business as Brighton Homes. In October, Barton went on a spending spree. First, he bought a Bose surround-sound system for his home from KDM Electronics. The next day, he purchased a Wilderness Systems kayak from Outdoor Outfitters, and the day after that he bought a new Toyota 4-Runner financed through Bridgeport Auto. Two weeks later, Barton purchased six new iMac computers for his office, also from KDM Electronics. Barton bought each of these items under installment sales contracts. Six months later, Barton's property management business went bankrupt, and he could not make the payments due on any of these purchases and thus defaulted on the loans. 1. For which of Barton's purchases (the surround-sound system, the kayak, the 4-Runner, and the six iMacs) would the creditor need to file a financing statement to perfect its secu¬rity interest? 2. Suppose that Barton's contract for the office computers mentioned only the name Brighton Homes. What would be the consequences if KDM Electronics filed a financing statement that listed only Brighton Homes as the debtor's name? 3. Which of these purchases would qualify as a PMSI in consumer goods? 4. Suppose that after KDM Electronics repossesses the surround-sound system, the owner decides to keep the system rather than sell it. Can KDM do this under Article 9? Why or why not? Response should be containing legal conclusions (great majority) must be supported by recognized legal authority, such as pages from the textbook. Legal dictionaries and Wikipedia types of authorities are not primary legal authorities if any authority at all. Required references: Business Law, text and cases , 12th edition by Clarkson, Miller, Cross. source..
Content:
Literature and Language Name: Institution: Date: Question 1: There is a great need for creditors to perfect their security interest when dealing with the customers who are buying on credit terms. This is especially essential when dealing in properties that are of high values that may pose the high risks associated with unsecured creditors and those that may take a longer time to complete the payment to the creditor, (Miller, & Jentz, p428-521). In this case, the creditors of the 4-Runner car and the six iMacs would be required to file a financing statement to perfect their security interests because these goods are of higher values and my take Barton a longer time to pay for them Question 2: In the case of loan default, Barton will not be reliable for any offence. The KDM Electronics would be forced to sue the company, Brighton Homes, instead. Because a company cannot be arrested or taken to jail, the only remedy left for the court shall be to force the indebted company to surrender the electronics bought, back to the elec...
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