Question
SECURED TRANSACTION , ARTICLE 9 , UCC Yourbrother-in-law,asmalltimepaintingcontractor,borrows$10,000.00fromyoutodeal with what hedescribes as anemergency.You areskeptical both about the existence ofan emergency, and in the light of
SECURED TRANSACTION , ARTICLE 9 , UCC
Yourbrother-in-law,asmalltimepaintingcontractor,borrows$10,000.00fromyoutodeal with what hedescribes as anemergency.You areskeptical both about the existence ofan emergency, and in the light of his credithistory with you, his likelihood of repaying the moneywithin twomonths ashesaidhewould.But, intheinterest offamilyharmony, you give him the money.However, in order toimpress upon him that you expect to get your money backfairlysoon,you extract from himassecurityfortheloan awritten assignment ofhisright tobepaid underthecontracthehaswithth ownerofthe buildingthat heis now working on.When he finishes his work he will be owed approximately $12,000 on that contract.How should your interest be perfected?
Fullyexplain youranswer.
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