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Topic:

Discussion: Royal Jewelers, Inc. v. Light. Coursework.

Coursework Instructions:

Instructions
The objective of this assignment is to engage in a discussion with your peers and your instructor. Create an original discussion post by responding to the topic below utilizing the knowledge you have accumulated while in this course in a minimum of two paragraphs. You must use proper grammar, spelling, and punctuation. Any outside sources that you use to support your opinions should be appropriately cited within your posting. To begin, click reply below.
Discussion Topic
Case Facts: Steven Light bought a $55,050 wedding ring for his wife, Sherri Light, on credit from Royal Jewelers, Inc., a store in Fargo, North Dakota. The receipt granted Royal a security interest in the ring. Later, Royal assigned its interest to GRB Financial Corp. Steven and GRB signed a modification agreement changing the repayment terms. An attached exhibit listed the items pledged as security for the modification including the ring. Steven did not separately sign the exhibit.
A year later, Steven died. Royal and GRB filed a suit in North Dakota state court against Sherri, alleging that GRB had a valid security interest in the ring. Sherri cited UCC 9-203, under which there is an enforceable interest only if "the debtor has authenticated a security agreement that provides a description of the collateral." Sherri argued that the modification agreement did not "properly authenticate" the description of the collateral, including the ring, because Steven had not signed the attached exhibit. The court issued a judgment in GRB's favor. Sherri appealed.
Issue: Was GRB's security interest in the ring valid and enforceable?
Decision: Yes. The North Dakota Supreme Court affirmed the lower court's judgment.
Questions to answer:
Do you agree or disagree with the decision that was made by the courts? Why or why not?
Why do you think Sherri felt that she was able to appeal? Was her decision impractical? Why?
What implications do you think his death should have since he gave Sherri the ring as a gift? Should she still be responsible to pay the remaining balance?
Discuss the ethical implications that you believe are at play with this case.

Coursework Sample Content Preview:

Discussion: Royal Jewelers, Inc. V. Light
Name Course Instructor Date
Do you agree or disagree with the decision that was made by the courts? Why or why not?
A security interest arises when there is collateral or written agreement that the debtor authenticates and signs. I agree with the court’s verdict that GRB Financial Corp had a valid security interest in the ring since before Steven’s death he had made a modification agreement. Steven had authenticated a modification agreement where there was an attached exhibit of the listed assets that were security for the note. Why do you think Sherri felt that she was able to appeal? Was her decision impractical? Why?
Sherri felt that she could appeal as the modification agreement lacked authentication and was thus unenforceable enforceable interest. Her decision was not impractical as she sought clarity on what an enforceable security interest when she had received the ring and Royal’s assigning the security interest to GRB Financial Corp was enforceable given that Steven had already made some...
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