Gibson, a collector of rare old Indian jewelry, took two of his pieces to Hagberg, a pawnbroker.

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Gibson, a collector of rare old Indian jewelry, took two of his pieces to Hagberg, a pawnbroker. The two pieces, a silver belt and a silver necklace, were worth $500 each. Hagberg loaned only $45 on the belt and $50 on the necklace. Gibson defaulted on both loans, and immediately and without notice, the necklace was sold for $240. A short time later, the belt was sold for $80. At the time of their sale, Gibson owed interest on the loans of $22. Gibson sued Hagberg to recover damages for improperly disposing of the collateral. Is Gibson entitled to damages because of Hagberg’s actions in disposing of the collateral?

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Business Law The Ethical Global and E-Commerce Environment

ISBN: 978-1259917110

17th edition

Authors: Arlen Langvardt, A. James Barnes, Jamie Darin Prenkert, Martin A. McCrory

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