Elmira Bakery Inc operates a bakery business. Elmira entered into a general security agreement with Brunswick Bank
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Elmira Bakery Inc operates a bakery business. Elmira entered into a general security agreement with Brunswick Bank on 1 January 2014 to provide security for a loan from the bank. On 1 April 2014, Elmira defaulted on the loan. At that time the outstanding balance was $50 000. The bank seized the equipment at the bakery. The bank has put an advertisement in a local newspaper asking for offers for the equipment. The advertisement says that the bank will sell at the best price offered. Alcon Bakeries Inc offers $65 000 for the equipment, and this is the only offer received by the bank. Can the bank sell the equipment to Alcon?
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The bank has an obligation to act in a commercially reasonable manner This m...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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