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Shovel Supply Wholesale purchases 1,000 shovels from a manufacturer under a financing agreement, which has been properly recorded under the UCC in the businesss home
Shovel Supply Wholesale purchases 1,000 shovels from a manufacturer under a financing agreement, which has been properly recorded under the UCC in the businesss home state in the amount of $50,000. Petes Depot, a regular customer of Shovel Supply, pays cash for 75 shovels to Shovel Supply, and the shovels are delivered to his business. Two weeks later, a representative of the manufacturer shows up at Petes demanding the 75 shovels because Shovel Supply has defaulted on its loan. How do you respond if you are the owner of Petes?
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