Business Law II question due ASAP!!!
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Steve owns a car. He decides that he needs a loan in order to improve his house, so he goes to Liv. He agrees to give Liv a security interest in the car in exchange for $4,000. Two weeks later he decides that he needs more money.
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He goes to Dane. He gives Dane a security interest in the car in exchange for $10,000. Dane files a financing statement to perfect the interest. A week after that Liv does the same. Eventually, Steve defaults in his payments. The car is reposed, and it is sold for $3,000. How much money will Dane receive? How much money will Liv receive?
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Grading Criteria Assignments |
Maximum Points |
|
Meets or exceeds established assignment criteria |
40 |
|
Demonstrates an understanding of lesson concepts |
20 |
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Clearly presents well-reasoned ideas and concepts |
30 |
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Uses proper mechanics, punctuation, sentence structure, spelling, and APA style |
10 |
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Total |
100 |
