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Gateway sold a big-screen TV to Charlis for $2,000 on credit. Charlis signed a promissory note and gave Gateway a security interest in the TV.
Gateway sold a big-screen TV to Charlis for $2,000 on credit. Charlis signed a promissory note and gave Gateway a security interest in the TV. Gateway filed a financing statement in the appropriate public office. When Charlis defaulted on her monthly payments owing a balance of $1,780, Gateway's attorney made arrangements to have the TV repossessed. The attorney then placed classified ads in the local newspaper to sell the good. The attorney's fees are $300, the repo company charged $150, and the advertising costs are $50.
(A) | Is Charlisable to redeem the property? |
(B) | If Charlisdoes not redeem and the TV is sold for $1,750, how will the money be distributed? |
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