Legal Environment 4th Edition by Jeffrey Beatty, Susan Samuelson

تمرين 5

Note to the student: The following cases and problems were decided under the former Article 9. In each instance, the outcome would be the same under the revised laws.
Jerry Payne owed the First State Bank of Pflugerville $342,000. The loan was secured by a 9.25-carat diamond ring. The bank claimed a default on the loan and, without notifying Payne, sold the ring. But the proceeds did not pay off the full debt, and the bank sued Payne for the deficiency. Is Payne liable for the deficiency?