Was the sale commercially responsible

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Reference no: EM132229254

Disposition of collateral. PRA Aviation, LLC, borrowed $3 million from Center Capital Corp. to buy a Gates Learjet 55B. Center perfected a security interest in the plane. Later, PRA defaulted on the loan, and Center obtained possession of the jet. The jet’s value was estimated at $1.4 million based on the market, design, and mechanical condition of similar aircraft. The jet was marketed in trade publications, on the Internet, and by direct advertising to select customers for 1.6 million. There were three offers. Center sold the jet to the highest bidder for $1.3 million. Was the sale commercially responsible? (see default).

Reference no: EM132229254

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