Write a security agreement in which your friend gives you a security interest in her $20,000 home

Question:

Write a security agreement in which your friend gives you a security interest in her $20,000 home entertainment system, in exchange for a loan of

$12,000. Because the collateral is something that she uses daily, what special concerns do you have? How will you protect yourself? Next, find the UCC1 financing form at http://www.intercountyclearance.

com/ra9/ra9ucc1.pdf. Print the form, then complete it. In what office of your state should you file in order to perfect?

What are your state’s exemption rules? You can find them at http://www.bankruptcyaction.com/

bankruptcyexemptions.htm or elsewhere on the Web. Compared with other jurisdictions, is your state generous or stingy with exemptions? In considering a new bankruptcy statute, Congress struggled mightily over this issue. What do you think is a fair exemption?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Legal Environment

ISBN: 9780324537116

3rd Edition

Authors: Jeffrey F Beatty, Susan S Samuelson

Question Posted: