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A 2004 Rolls Royce automobile worth $75,000 was seized by the sheriff under a writ of execution on an $8,000 judgment. The car is subject
A 2004 Rolls Royce automobile worth $75,000 was seized by the sheriff under a writ of execution on an $8,000 judgment. The car is subject to a first security interest in the amount of $60,000 and a second in the amount of $30,000. Both secured creditors are aware of the sale; neither has objected or demanded possession of the collateral. The expenses of conducting the sale are estimated at $200. If all bidders understand the sale procedure, what do you expect will be the highest bid at the sale? Compare UCC 9-617(a)
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