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The Johnson's purchased a new television set for their recreation room for $2,000 including the credit carrying charge. They paid $400 down and agreed to
The Johnson's purchased a new television set for their recreation room for $2,000 including the credit carrying charge. They paid $400 down and agreed to pay the balance in eight-monthly installments of $200 each. The seller, Randall's Furniture Store, retained a security interest in the television. After making six payments, the Johnson's defaulted. Randall's repossessed the
television.
What must Randall's Furniture Store do to be able to legally retain (keep) the television set in settlement of the unpaid $400 balance?
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