Go to this text’s Web site at academic. cengage.com/blaw/clarkson and select “Chapter 29.” Click on “Video Questions” and view the video titled Secured Transactions. Then answer the following questions.
(a) This chapter lists three requirements for creating a security interest. In the video, which requirement does Laura assert has not been met?
(b) What, if anything, must the bank have done to perfect its interest in the editing equipment?
(c) If the bank exercises its self-help remedy to repossess Onyx’s editing equipment, does Laura have any chance of getting it back? Explain.
(d) Assume that the bank had a perfected security interest and repossessed the editing equipment. Also assume that the purchase price (and the loan amount) for the equipment was $100,000, of which Onyx has paid $65,000. Discuss the rights and duties of the bank with regard to the collateral in this situation.