Calcote bought a car using a loan from Citizens & Southern National Bank. The bank obtained a
Question:
Calcote bought a car using a loan from Citizens & Southern National Bank. The bank obtained a security interest in the car. Calcote later defaulted on the loan and the bank repossessed the car. The bank then sent notice of the repossession, the bank’s plans to sell the repossessed car at a private auction, and Calcote’s right to demand a public sale to her at the last known address that the bank had. Calcote did not get the certified letter, yet the car was thereafter sold at a private sale with more than 150 dealers invited to participate. Calcote then brought suit against the bank due to its failure to properly notify her and dispose of the vehicle in a commercially reasonable fashion. Do you think the bank acted improperly? Why or why not? (Calcote v. Southern National Bank, 345 S.E.2d 616)
Step by Step Answer: