Discuss who has priority in the disputed collateral

Assignment Help Business Law and Ethics
Reference no: EM131390451

National Acceptance Company loaned Ultra Precision Industries $692,000, and to secure repayment of the loan, Ultra executed a chattel mortgage security agreement on National's behalf on March 7, 2008. National perfected the security interest by timely filing a financing statement. Although the security interest covered specifically described equipment of Ultra, both the security agreement and the financing statement contained an after-acquired property clause that did not refer to any specific equipment.

Later in 2008 and in 2009, Ultra placed three separate orders for machines from Wolf Machinery Company. In each case it was agreed that after the machines had been shipped to Ultra and installed, Ultra would be given an opportunity to test them in operation for a reasonable period. If the machines passed inspection, Wolf would then provide financing that was satisfactory to Ultra and properly filed its financing statement.

In all three cases, financing was arranged with Community Bank (Bank) and accepted, and a security interest was given in the machines. Furthermore, in each case a security agreement was entered into, and a financing statement was then filed by the secured parties within ten days. Ultra became bankrupt on October 7, 2010. National claimed that its security interest in the afteracquired machines should take priority over those of Wolf and Bank because their interests were not perfected by timely filed financing statements. Discuss who has priority in the disputed collateral.

Reference no: EM131390451

Questions Cloud

Common names of groups of organisms : List four classes of helminthes and indicate the common names of these groups of organisms?
The impact of our own species on earth discussion : The material covered in this module has shown that changes in global geology and climate over the past 3+ billion years have dramatically shaped the evolution of life on Earth.
How the courses in your curriculum directly contribute : You should explain how the courses in your curriculum directly contribute to the overall program outcomes you developed. You should have a few sentences of justification for each course.
Integral part of the scientific process : In module 5 you learned how careful scrutiny and constructive criticism are an integral part of the scientific process and how publication of a research paper in a peer-reviewed journal is just one of many steps in the process of scientific inquir..
Discuss who has priority in the disputed collateral : National claimed that its security interest in the afteracquired machines should take priority over those of Wolf and Bank because their interests were not perfected by timely filed financing statements. Discuss who has priority in the disputed co..
What kind of impact could neuroplasticity have on human : Considering your nervous system and the different parts of your brain, what kind of impact could neuroplasticity and neurogenesis have on human beings?
Discuss whether the car was properly repossessed : Standridge purchased a Chevrolet automobile from Billy Deavers, an agent of Walker Motor Company.- Discuss whether the car was properly repossessed.
Functions of exons and introns : Briefly discuss the functions of ‘exons' and ‘introns'. Please give examples to remember the functions.
What is indigenous food sovereignty : "What is Indigenous food sovereignty? What are the salient features that distinguish it from the wider food sovereignty movement in Canada?"

Reviews

Write a Review

Business Law and Ethics Questions & Answers

  Legal environment of business caselet

The assignment in Law deals with the topic "Legal Environment of Business". A case study about Mary, a newly joined employee who is working in the USA and Europe. She faces few issues at her work place in Europe and tries to talk to her manager who s..

  Business ethics & legal issues caselet

This assignment is about the concept of Business Ethics & Legal Issues. The laws relating to these can be found in Antitrust laws. These laws are concerned with those large corporations which have a majority of market share, mergers and acquisitions.

  Questions on business law and ethics

Examples of securities that are exempted from the registration provisions of the 1933 Act and involving misstatement of material facts in a prospectus.

  Discuss the doctrine of ratification of pre-incorporation

With the aid of a decided cases, discuss the doctrine of ratification of pre-incorporation contract.

  Discuss the extent of phoenixing activity

It has been estimated that about 6,000 phoenix companies operate in Australia, costing government and the community hundreds of millions of dollars per year and impacting on individuals.

  Application of law to facts

Company Law, Application of Law to Facts and Conclusion.

  Question on business law and ethics

This assignment related to business law.

  Questions on business law

Answer all the questions under business law.

  Iidentify the issue raised by the facts

Iidentify the issue(s) raised by the facts, identify the relevant legal principles, apply the relevant legal principles to the facts, reach a conclusion.

  Evaluation of software development

Prepare a report and present an evaluation of the subsequent methodologies for software development in terms of cost, resources and time.

  Business value and ethics

Business value and ethics,  Bart agrees to put Sam's Super Bowl champion-ship autographed football in his sports store to sell for $1,500. Sam agrees to pay Bart a 15% commission for selling the ball. If Joe comes in the sports store and offers Bart ..

  Explain what is meant by income by ordinary concepts

Advise what tax consequences arise in respect of the payments.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd