1) Owen Sanderson had borrowed money from a credit union to purchase a car, and the credit union had required a security interest against the car, which it registered under the Personal Property Security Act. As well, Owen's father guaranteed the loan. Three months later, Owen decided to go back to school, and he had to sell the car to do so. Owen returned to the credit union and, at his request, the credit union gave up the security it had against the vehicle, knowing that it still had the loan guaranteed by Owen's father.

Required:

Explain why this change was in Owen's best interest

2) Wilma Frericks was walking in a park and found a watch. Wilma took the watch to the city's lost and found, but it was NOT claimed. Three years later, Wilma went to the lost and found, asked for the watch, and was told that the watch was the property of the city.

Required:

Explain Wilma's legal position in these circumstances