Business Law

Feb 14th, 2014
Anonymous
Category:
Accounting
Price: $10 USD

Question description

Your company has just purchased a large piece of property, and multiple creditors have a security interest in the property. This security interest must then be perfected, which sets forth the rights of a secured creditor against other creditors who also have a security interest in your property.

In an Excel spreadsheet that is 2 pages in length, create 2 charts (1 chart on each page).

  • The guidelines for the first chart are the following:
    • Create a list of the priority of creditors with regard to security interests when there are conflicting claims.
    • Which creditor is given preference, and why?
    • Discuss the creditors that follow in the chain.
  • The guidelines for the second chart are the following:
    • Depict a scenario with 4 different creditors that have a security interest in the property of a company.
    • Be sure to list next to each creditor the date of perfection if the security interest is perfected.
    • List, in order, the creditors. Create a column in which you explain why that creditor is in that place in the chain of priority.
    • How will the lien on the property be shown in the notes to the financial statements?

Tutor Answer

(Top Tutor) Studypool Tutor
School: New York University

Studypool has helped 1,244,100 students

Review from student
Studypool Student
" Excellent job "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1822 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors