Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

With a loan of 1.4 million euros from Barclays Bank, PLC, Thomas Poynter bought a yacht. The loan agreement gave Barclays multiple options on default.

With a loan of 1.4 million euros from Barclays Bank, PLC, Thomas Poynter bought a yacht. The loan agreement gave Barclays multiple options on default. One option required the lender to give ten days' advance notice of a sale. A different option permitted the lender to avoid this requirement. When Poynter did not repay the loan, Barclays repossessed the yacht, notified Poynter that it would be sold but did not specify a date, time, or placeand sold the yacht two months later. The sale price was less than Poynter owed, and Barclays filed a suit in a federal district court for the deficiency. Is Barclays entitled to collect even though it did not give Poynter ten days' advance notice of the sale? Explain. [Barclays Bank PLC v. Poynter, 710 F.3d 16 (1st Cir. 2013)] (See Default.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Law Text and Cases

Authors: Kenneth Clarkson, Roger LeRoy Miller, Frank Cross

13th edition

1285185242, 978-1285185248

More Books

Students also viewed these Law questions

Question

Explain the CAP theorem in distributed systems.

Answered: 1 week ago

Question

13. Give four examples of psychological Maginot lines.

Answered: 1 week ago