Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jerry purchased an automobile from Jones for $10,000. Unknown to Jerry, Jones had used the automobile as security for a loan from his bank, and

image text in transcribed
Jerry purchased an automobile from Jones for $10,000. Unknown to Jerry, Jones had used the automobile as security for a loan from his bank, and the bank had registered its security in the automobile under the provincial personal property security registration legislation. A few months after the sale, Jones defaulted on his loan, and the bank discovered that Jerry was in possession of the automobile. Which of the following are true? Jerry has a good title to the automobile because he purchased it as a bona fide purchaser, for value, without notice. The bank is not entitled to seize the automobile because Jones had not given notice to Doe of the bank's claim against the vehicle before Jerry purchased it. The bank is not entitled to seize the automobile because it had not given Doe notice of its claim against the vehicle before Jerry purchased it. Jones is liable to Jerry for breach of implied warranty of title should the bank selze the automobile Jones is liable to Jerry for breach of implied condition of title should the bank seize the automobile

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Islamic Theories Of Finance

Authors: Nicolas Aghnides

1st Edition

1593333110, 9781593333119

More Books

Students also viewed these Finance questions

Question

Evaluate three pros and three cons of e-prescribing

Answered: 1 week ago