Advise jkn bank on what their position

Assignment Help Business Law and Ethics

Reference no: EM132655814

BLO3405 Law of Financial Institutions and Securities - Victoria University

Adrian is a chef from New Zealand and has recently moved to Melbourne. He is keen to open up a Café in St Kilda. He finds a great premise to lease on Beach road. He signs a lease with the property owner, Normann. Adrian can't afford to buy the kitchen equipment outright so he gets a loan from JKN Bank for $100,000. A term of the loan agreement was to register the equipment on the Personal Property Security Act. Using the money borrowed, Adrian opens the café but it doesn't do well. After a few weeks, he is unable to keep up the payments to Normann, JKN Bank and other suppliers. After another month of not receiving his rent, Normannchanges the locks on the premises and says that until his rent is paid in full, he has complete ownership and interest of everything inside.

Advise JKN Bank on what their position is in regards to their interest in the kitchen equipment versus Normann's.

Personal Property Securities Act 2009

Analysis or Application = Link and discuss the relevant section in PPSA mentioned under the rule with facts of case study
1 irac, 8 part of issues
Each issues , 1 headings
Information about the Assignment (Part 2)
A. This is an individual assignment (not a group one).
B. Your assignment may adopt headings and sub-headings, and referencing will be required.
C. This assignment format:-
• 1500 (+/-10%) words in total ( excluding references and bibliography)
• Include internal references ( any style may be adopted such as AGLC, APA or Harvard style of referencing)
• Include a bibliography at the end of your assignment

Reference no: EM132655814

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