Solved

Yard Sale Rejects Is a Retailer That Buys Unsold Items

Question 143

Essay

Yard Sale Rejects is a retailer that buys unsold items from people who hold yard sales.Yard Sale Rejects has borrowed money from numerous lenders who have liens on its inventory.Below is information about the five parties who hold liens on the inventory of Yard Sale Rejects:
1.State National Bank has a security agreement on the inventory which attached on January 10,2002,but is not perfected.
2.Fidelity National Bank has a security agreement on the inventory which attached on February 15,2002,and was perfected on March 15,2002.
3.Safety National Bank has a security agreement on the inventory which attached on March 5,2002,but was never perfected.
4.Steady National Bank has a security interest on a loan to Yard Sale Rejects to buy a large lot of original pink flamingo yard ornaments,which attached on April,10,2002,and was perfected on May 4,2002.
5.Serenity National Bank has a security agreement on the inventory which attached on June 11,2002,and was perfected on June 20,2002.
All of the security interests,except the security interest of Steady National Bank,contain after-acquired property clauses.Indicate the priority of interests of the five banks in the inventory of Yard Sale Rejects.If any information that is crucial to your answer is missing,indicate what that information is,and how it would affect your answer.

Correct Answer:

verifed

Verified

One needs to know if Steady gave notice ...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents