Answered step by step
Verified Expert Solution
Question
1 Approved Answer
S sold to B a car for P1M. The condition for the sale is for B to execute a chattel mortgage on the thing sold.
S sold to B a car for P1M. The condition for the sale is for B to execute a chattel mortgage on the thing sold. The term of the sale is for B to pay a down payment of P200,00 and the balance to be paid on July 15, 2020. However, the balance was not paid by the buyer so S foreclosed the chattel mortgage on the thing sold. It was sold for P700,000. Can S recover the deficiency? Give reason/s?
S sold to B a car for P1M. The condition for the sale is for B to execute a chattel
mortgage on the thing sold. The term of the sale is for B to pay a down payment of
P200,00 and the balance to be paid on July 15, 2020. However, the balance was not
paid by the buyer so S foreclosed the chattel mortgage on the thing sold. It was sold
for P700,000. Can S recover the deficiency? Give reason/s?
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
Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
7th edition
978-1118344262, 111834426X, 1118162285, 978-1118562208, 1118562208, 978-1118162286
