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?
Grading Criteria Assignments
Meets or exceeds established
Demonstrates an understanding of
Clearly presents well-reasoned
ideas and concepts
Uses proper mechanics,
punctuation, sentence structure, spelling, and APA style