The international harvester dealership in sunny-side

Assignment Help Business Law and Ethics
Reference no: EM13754142

Purchase Money Security Interest:
Prior Brothers, Inc. (PBI) began financing its farming operations through Bank of California, N.A. (Bank). Bank's loans were secured by PBI's equipment and after-acquired property. Bank immediately filed a financing statement, perfecting its security interest. Two years later, PBI contacted the International Harvester dealership in Sunny-side, Washington, about the purchase of a new tractor. A retail installment contract for a model 1066 International Harvester tractor was executed. PBI took delivery of the tractor "on approval," agreeing that if it decided to purchase the tractor, it would inform the dealership of its intention and would send a $6,000 down payment. The dealership received a $6,000 check. The dealership immediately filed a financing statement concerning the tractor. Subsequently, when PBI went into receivership, the dealership filed a complaint, asking the court to declare that its purchase money security interest in the tractor had priority over Bank's security interest. Does it? In the Matter of Prior Brothers, Inc., 29 Wn.App. 905, 632 P.2d 522, Web 1981 Wash.App. Lexis 2507 (Court of Appeals of Washington)


Question 27.7 Buyer in the Ordinary Course of Business Heritage Ford Lincoln Mercury, Inc. (Heritage) was in the business of selling new cars. Heritage entered into an agreement with Ford Motor Credit Company (Ford), whereby Ford extended a continuing line of credit to Heritage to purchase vehicles. Heritage granted Ford a purchase money security interest in all motor vehicles it owned and thereafter acquired and in all proceeds from the sale of such motor vehicles. Ford immediately filed its financing statement with the secretary of state. When the dealership experienced financial trouble, two Heritage officers decided to double finance certain new cars by issuing dealer papers to themselves and obtaining financing for two new cars from First National Bank & Trust Company of El Dorado (Bank). The loan proceeds were deposited in the dealership's account to help with its financial difficulties. The cars were available for sale. When the dealership closed its doors and turned over the car inventory to Ford, Bank alleged that it had priority over Ford because the Heritage officers were buyers in the ordinary course of business. Who wins? First National Bank and Trust Company of El Dorado v. Ford Motor Credit Company, 231 Kan. 431, 646 P.2d 1057, Web 1982 Kan. Lexis 280 (Supreme Court of Kansas) 

Reference no: EM13754142

Questions Cloud

Define the physical and network security issues : Draft a description of the physical and network security issues and concerns at each Riordan plant. Draft a description on the data security issues and concerns present at each Riordan plant.
Program that utilizes a good design proces : Analyze, design, and document a simple program that utilizes a good design process and incorporates sequential, selection and repetitive programming statements as well as at least one function call and the use of at least one array one-dimensional..
Prepare the companys income statement in contribution format : Whitney Company has just completed its first year of operations. The company's accountant has prepared an absorption costing income statement for the year as seen below:
Discuss the image of jesus : Choose a film posted on Content Tab, discuss the image of Jesus that the film makers put forward and how this reflects contemporary culture.
The international harvester dealership in sunny-side : Prior Brothers, Inc. (PBI) began financing its farming operations through Bank of California, N.A. (Bank). Bank's loans were secured by PBI's equipment and after-acquired property. Bank immediately filed a financing statement, perfecting its security..
Costs associated with this level of production : Texas Company produces and sells 22,000 units of a single product. Costs associated with this level of production are as follows: Compute the amount by which the operating income of Texas Company would change if the special order was accepted.
Current issues relating to trademark infringement : 1. Please find any current issues relating to trademark infringement or copyright protection that is currently in the news (online included) and present the information. Please tell what the issue is about and discuss whether you believe there was a ..
The purchase of the investment-the dividends received : Banks Corporation purchased 400 shares of Herman Inc. common stock as an available-for-sale investment for $13,200. During the year, Herman paid a cash dividend of $3.25 per share. At year-end, Herman stock was selling for $34.50 per share. Prepare B..
Indecent language in various media far mor : Today children are likely to be exposed to indecent language in various media far mor eoften thtn they were in 1970, when the FCC first began sanction indecent speech. Does this mean that we need more stingent or less stingent regulation broadcast?

Reviews

Write a Review

 

Business Law and Ethics Questions & Answers

  Discuss one real-life criminal case taken from current

in the scenarios and resulting simulations tim smith senior criminal lawyer discusses select cases and asks a paralegal

  Explain repeated violations

Explain Repeated Violations and Discuss why team learning is as important as individual learning in crisis management situations

  To form and state your own informed opinion on what

this paper is primarily a report. the report portion should be objective and unbiased. the final section is an opinion

  Ethics and corporate citizenship

Internet Research AssignmentTwo will concern Ethics and Corporate Citizenship, or lack thereof

  Write 400-600 words that respond to the following

write 400-600 words that respond to the following questions with your thoughts ideas and comments. be substantive and

  In your initial post of at least 200-250 words briefly

the formal process of amending the constitution is cumbersome and slow. while this fact explains why relatively few

  George and marys son randall 12 attends one of the schools

in dons fast food restaurant sells the most delicious burgers in town at the most affordable price. elementary and

  Imagine that alexandra promises to give rasputin 1000 if he

1. ken grateful that letisha performed life-saving cpr on him after he had suffered a heart attack writes a document

  Identify and analyze current and future issues facing

write a 1000-word minimum paper conducting research and evaluating past present and future trends pertaining to the

  Essex a manufacturing company is in serious financial

essex a manufacturing company is in serious financial difficulty and is unable to meet current unsecured obligation of

  We spend a considerable amount of time effort and resources

1.we spend a considerable amount of time effort and resources on victimless crims such as gambling prostitution drug

  Analyze your most commonly used mental models and mindsets

write a 1050- to 1400-word paper in which you compare and contrast the four styles of creative intelligence and their

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