Busines Laww II Assignment
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.
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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?
Your paper should be 1-2 pages in length (double-spaced, with
one inch margins all around). Be certain to explain and support your
answer.
