The business of making consumer loans

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Reference no: EM132198513

Republic Finance Co. is in the business of making consumer loans. You have been retained as a consultant by Republic and asked for your legal opinion in connection with the following practices: (Be specific and give reasons for your conclusions).

A. Republic loaned $5000 to Alan for the purchase of a TV and stereo system and had him sign a security agreement. Alan sold the stereo to his neighbor, Lou, and the TV to Steve’s Used TV Store and left town. Can Republic repossess the stereo and/or TV? Is there anything Republic could have done to better protect its interests in this matter?

B. Republic loaned $10,000 to Charles to buy a new car and had him sign a security agreement. Three months later the car is damaged and Bob’s Body Shop repairs it. The bill amounts to $6,000. Charles loses his job and files for bankruptcy owing $6,000 to Bob’s and $9,000 to Republic. Discuss who has priority with respect to the car which is now worth $8,000 and in Bob’s Body Shop.

C. Republic loaned $10,000 to Stan to buy a new tractor. Stan signed a security agreement. He made two payments and defaulted. The tractor is kept at Stan’s house in an open shed at the rear of the two acre property. What should Republic do to protect its loan?

Reference no: EM132198513

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