Explain who has priority either logan or tillo

Assignment Help Business Law and Ethics

Reference no: EM131389751

On January 2, Burt asked Logan to loan him money ‘‘against my diamond ring.'' Logan agreed to do so. To guard against intervening liens, Logan received permission to file a financing statement, and Burt and Logan signed a security agreement giving Logan an interest in the ring. Burt also signed a financing statement that Logan properly filed on January 3.

On January 4, Burt borrowed money from Tillo, pledging his ring to secure the debt. Tillo took possession of the ring and paid Burt the money on the same day.

The next day, January 5, Logan loaned Burt the money under the assumption that Burt still had the ring. Who has priority, Logan or Tillo? Explain.

Reference no: EM131389751

Questions Cloud

What is the responsibility of the internal auditor : What is the responsibility of the internal auditor with respect to fraud? Which of the following organizational policies most effectively prevents such an occurrence?

What are the rights of victor : Bonnie moves from her apartment and sells the refrigerator in place to the new occupant for $350 cash. What are the rights of Victor?

How can companies benefit from blogs-avoid their downside : How can companies benefit from blogs and avoid their downsides? Give an example of a company's web site blog and explain why it is successful.

The federal funds rate falling and money supply increasing : In response to problems in financial markets and a slowing economy, the FOMC began lowering its target for the federal funds rate from 5.25 percent in September 2007. Over the next year, the FOMC cut its federal funds rate target in a series of steps..

Explain who has priority either logan or tillo : The next day, January 5, Logan loaned Burt the money under the assumption that Burt still had the ring. Who has priority, Logan or Tillo? Explain.

Explain the formation of the modern nation-state in the west : Explain the formation of the modern nation-state in the West. Why did it happen? How? What were the major forces at work? Where did it develop first and what were/are its characteristics?

Importance of integrated reporting in australia : Write a 1,500 word report to answer the both of the following questions: How does accountancy contribute to sustainable development? The importance of integrated reporting in Australia

Explains contractionary monetary policy in the long run : Which of the following explains contractionary monetary policy in the long run?

Discuss about the post given below : Robert Brown and Alice Brown, his wife, are entering into a contract to purchase the property. The sale price is $200,000. The Browns will tender $10,000 as down payment upon signing (earnest money) and pay an additional $10,000 within 20 days of ..

User Account

All Pages