Business Law Week 7 "Priority"

Jul 21st, 2015
Price: $5 USD

Question description


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?

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(Top Tutor) Daniel C.
School: UT Austin

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