Consumer loan specialist employed by anderson bank

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Earlier today you met with Mr. Wayne Tarrance, a consumer loan specialist employed by Anderson Bank. Lambert, Bendini & Bocke represent the bank. Mr. Tarrance wanted legal advice about a problem with one of the bank's customers. It seems Mr. Tarrance recently completed a loan to a gentleman called Eddie Lomax, so that he could buy a new $60,000 Tesla. Mr. Tarrance informed you that he completed all of the required paperwork at the time of the loan, including a written financing statement giving the bank a security interest in the new vehicle. After several months of Mr. Lomax not making payments on the car, the bank decided to repossess the vehicle and sell it to repay the defaulting loan. Although the financing statement between Mr. Lomax (debtor) and Anderson Bank (creditor) was correctly perfected at the time it was completed, Mr. Tarrance has just discovered that the customer’s full name is actually Edward Lommax. He wants to know if the security under the agreement still enforceable.

Reference no: EM132214542

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