Do you think this is a good system

Assignment Help Business Law and Ethics

Reference no: EM13776155

Discussion

The United States has some of the most lenient toward debtors (at least for business owning debtors) bankruptcy laws in the world. Do you think this is a good system? Why or why not?

Assignment:

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.

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?

Your paper should be 1-2 pages in length (double-spaced, with one inch margins all around). Be certain to explain and support your answer.

Reference no: EM13776155

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