Question 1

Gateway sold a big-screen TV and entertainment center to Inez for $2400 on credit.Inez signed a promissory note and gave Gateway a security interest in the TV and entertainment center.Gateway filed a financing statement in the appropriate public office.When Inez defaulted on her monthly payments owing a balance of $2080,Gateway's attorney made arrangements to have the TV and entertainment center repossessed.The attorney then placed classified ads in the local newspaper to sell the goods.The attorney's fees are $400,the repo company charged $150,and the advertising costs are $50.If Inez does not redeem,and the TV and entertainment center are sold for $1850,how will the money be disbursed?

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Question 2

Fowler Bros.has applied to Gibralter Bank for a $50,000 loan for its business expansion.If Fowler Bros.plans to use its account at Gibralter Bank as collateral,discuss what the bank needs to do for a security interest to attach.

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Question 3

Karen has filed for bankruptcy under Chapter 13.Who can file a plan of payment,who has the authority to confirm or reject a plan of payment,and what factors will be considered when deciding whether to approve a repayment plan?

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Question 4

Explain the difference between attachment and perfection.

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Question 5

Artistic Framing,a business with $120,000 of unsecured debt,needs to file for bankruptcy,but wants to continue in business.Discuss what chapter of the Bankruptcy Code should be used,and discuss the effect of a 2005 change to the Bankruptcy Code on the proceedings.

Accepted Answer

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Quiz 14: Secured Transactions and Bankruptcy

Fowler Bros.has applied to Gibralter Bank for a $50,000 loan for its business expansion.If Fowler Bros.plans to use its account at Gibralter Bank as collateral,discuss what the bank needs to do for a security interest to attach.

Karen has filed for bankruptcy under Chapter 13.Who can file a plan of payment,who has the authority to confirm or reject a plan of payment,and what factors will be considered when deciding whether to approve a repayment plan?

Explain the difference between attachment and perfection.

Artistic Framing,a business with $120,000 of unsecured debt,needs to file for bankruptcy,but wants to continue in business.Discuss what chapter of the Bankruptcy Code should be used,and discuss the effect of a 2005 change to the Bankruptcy Code on the proceedings.