Question
Larry Page borrowed money from Airborne Bank to purchase a Lear Jet. The loan was secured by the Jet. When Page defaults on the loan,
Larry Page borrowed money from Airborne Bank to purchase a Lear Jet. The loan was secured by the Jet. When Page defaults on the loan, Airborne repossesses the jet and secretly sells it, at a discount, to the President of the Bank. This is an example of Select one:
a. Not a commercially repossession and disposition of the collateral because Page was not notified and the sale was private and at a discount.
b. Not a commercially reasonable repossession and disposition of the collateral because the Banks President did not have his Pilots License.
c.A commercially reasonable repossession and disposition of the collateral because the jet was sold within a reasonable time.
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