Obtains loan for purchase price through neighbors corner

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1. Francine must purchase $1,500 of coffee for her coffee cart business. Kevin agrees to loan Francine the money she need, but requires her cart as collateral. Both agree in writing and sign. Francine, though, uses the cart. Does Kevin have a security interest? Describe the best practice for Kevin to inform others he has an interest in the cart?

2. Jamey buys a car from Motorsports Corporation, but he obtains a loan for the purchase price through Neighbors Corner Company (NCC). Jamey does not pay his loan. NCC takes or repossesses the car. NCC's tells Jamey that $5,000 is needed for him to get back his car, which will it will sell soon if it the money is not paid before May 15. However, the actual amount to get the car back is $4,000. When the sale is held on May 15, what reasons might Jamey successfully sue NCC?

Reference no: EM132253510

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