Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

After buying an aircraft from a guy named Jim, you get a phone call from a guy named Larry who says he is Jim's

 

After buying an aircraft from a guy named Jim, you get a phone call from a guy named Larry who says he is Jim's uncle. Larry says that he had lent Jim $100,000 to buy the aircraft, and that he has a "lien" against the aircraft. Sure enough, he sends you a completed FAA form of security interest, as well as a promissory note evidencing the loan. He admits, however, to never filing the security interest form with the FAA. A. Where should Larry have filed the form? B. Did you take "clean title" when you bought the aircraft from Jim?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Answer QA Where should Larry have filed the form Answer i Larry should have filed the security interest form with the Federal Aviation Administration FAA in order to perfect his lien on the aircraft T... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fraud examination

Authors: Steve Albrecht, Chad Albrecht, Conan Albrecht, Mark zimbelma

4th edition

538470844, 978-0538470841

More Books

Students also viewed these General Management questions

Question

Explain the importance of Human Resource Management

Answered: 1 week ago

Question

What are the best methods of obtaining documentary evidence? Why?

Answered: 1 week ago