Question
Bubba took out a business at the bank in order to finance purchase of inventory for his retail business Bubba's Sporting Goods. The bank perfected
Bubba took out a business at the bank in order to finance purchase of inventory for his retail business Bubba's Sporting Goods. The bank perfected a security interest by the proper filing of a financing statement. After the inventory was purchased, Minerva Millhouse, a retail customer purchased a punching bag from Bubba's Sporting Goods and took the punching bag home. Subsequently, Bubba defaulted on his bank loan
A.The bank can repossess the purchasing bag from Minerva
B. The bank only repossess the inventory in Bubbas Sporting Goods store and Minerva's purchase of the punching bag will be free and clear of the bank's security interest
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started