Elaine runs the Five Brothers restaurant in Niagara Falls. She has given the bank a general security
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Elaine runs the Five Brothers restaurant in Niagara Falls. She has given the bank a general security interest on the restaurant property that she owns in exchange for a loan of $200 000. The restaurant is not successful and, because of a recent decline in tourism, has a fair market value of only $150 000. If Elaine decides to make an assignment, what can the bank do to recoup its loan?
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Because the bank has a security interest in the restaura...View the full answer
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Related Book For 
Managing the Law The Legal Aspects of Doing Business
ISBN: 978-0132164429
4th edition
Authors: Mitchell McInnes, Ian R. Kerr, J. Anthony VanDuzer
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