Gibson, a collector of rare old Indian jewelry, took two of his pieces to Hagberg, a pawnbroker.
Question:
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?
Step by Step Answer:
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