Question
Shirley Jones purchased a new refrigerator in Partridge Family is the new black, INC. (Pink), a company which customizes home appliances, home furnishings and furniture
Shirley Jones purchased a new refrigerator in Partridge Family is the new black, INC. (Pink), a company which customizes home appliances, home furnishings and furniture in various shades of pink located on Greenwich ave in Greenwich Connecticut. The Sub-Zero refrigerator was quite expensive due to the custom color and design. Shirley paid $500 in cash for the refrigerator and signed a credit agreement with Pink for the balance of $ 5000. Shirley had Pink ship the refrigerator to her country home at 100 wandering lane, Bridgewater, Ct.
you have to prepare a Form UCC-1 Financing Statement for this transaction and answer the following questions.
1-How will Pink perfect its security interest?
2-When does a financing statement expire under Connecticut law?
3- What recourse does Pink have if Shirley fails to pay the balance due?
4- In the event Shirley and her pink refrigerator move from Connecticut to California before the balance due under the credit agreement is paid in full, will pink need to take away any additional action ton continue the perfection of Pink's security interest in the refrigerator?
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