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Draw Design References Layout Mailings Review View Help Share Comments 2. Wine purchased a computer using the proceeds of a loan from MJC Finance
Draw Design References Layout Mailings Review View Help Share Comments 2. Wine purchased a computer using the proceeds of a loan from MJC Finance Company. Wine gave MJC a security interest in the computer. Wine executed a security agreement and financing statement, which was filled by MJC. Wine used the computer to monitor Wine's personal investments. Later, Wine sold the computer to Jacobs, for Jacob's family use. Jacobs was unaware of MJC's security interest. Wine is now in default under the MJC loan. May MJC repossess the computer from Jacobs? Explain if your answer would change if MJC had not filed a financing statement and Jacobs bought the computer for business purposes.
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