Heritage ford lincoln mercury

Assignment Help Accounting Basics

Reference no: EM131180830

Heritage Ford Lincoln Mercury, Inc. (Heritage) was in the business of selling new cars. Heritage entered into an agreement with Ford Motor Credit Company (Ford), whereby Ford extended a continuing line of credit to Heritage to purchase vehicles.

Heritage granted Ford a purchase money security interest in all motor vehicles it owned and thereafter acquired and in all proceeds from the sale of such motor vehicles. Ford immediately filed its financing statement with the secretary of state. When the dealership experienced financial trouble, two Heritage officers decided to double finance certain new cars by issuing dealer papers to themselves and obtaining financing for two new cars from First National Bank & Trust Company of El Dorado (Bank).

The loan proceeds were deposited in the dealership's account to help with its financial difficulties.

The cars were available for sale. When the dealership closed its doors and turned over the car inventory to Ford, Bank alleged that it had priority over Ford because the Heritage officers were buyers in the ordinary course of business. Who wins?

First National Bank and Trust Company of El Dorado v. Ford Motor Credit Company, 231 Kan. 431, 646 P.2d 1057,Web1982 Kan. Lexis 280 (Supreme Court of Kansas)

Reference no: EM131180830

Questions Cloud

Can we say whose demand is likely to be more elastic : What can we say about the price elasticity of demand for nicotine products (such as cigarettes, pipes, tobacco) in the group of nicotine addicted users, versus the group of "social smokers"? Can we say whose demand is likely to be more elastic? Wh..

What is the marginal rate of substitution : What is the marginal rate of substitution (MRS) and why does it diminish as the consumer substitutes one product for another? Use examples to illustrate.

In order to receive full credit on calculated answers : In order to receive full credit on calculated answers, please show your work. (Use Word's equation editor, etc., and/or provide a short written description as to how you obtained the final result.)

Determine the maximum bending stress developed in the beam : A 40-lb weight is dropped from a height of h = 2 ft onto the center of the cantilevered A992 steel beam. If the beam is a W10 × 15, determine the maximum bending stress developed in the beam.

Heritage ford lincoln mercury : When the dealership closed its doors and turned over the car inventory to Ford, Bank alleged that it had priority over Ford because the Heritage officers were buyers in the ordinary course of business. Who wins?

What are the principles that should guide marketing : Managers do suffer from many tensions in the implementation of ethics principles. State and explain five of these tensions, their sources, and their implications for decision-making. Give specific examples.

Crystal window company makes windows : The Crystal Window Company makes windows at three locations: Adelaide, Perth, and Cairns. Some windows made by the company contain a visible defect and must be replaced.

Determine the required minimum stiffness k : When the 100-lb block is at h = 3 ft above the cylindrical post and spring assembly, it has a speed of v = 20 ft/s. If the post is made of 2014-T6 aluminum and has a diameter of d = 2 in., determine the required minimum stiffness k of the spring s..

What compliance risks might your business face : For this assignment, you will write a three page research paper in which you discuss the risk types and trends associated with a publicly traded construction or manufacturing business. What compliance risks might your business face

User Account

All Pages