The materials on secured credit and bankruptcy

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Reference no: EM132262715

Having completed the materials on secured credit and bankruptcy, review the attached backhoe problem and submit via the on-line assignment tool a one [1] paragraph typewritten in Word format answer to who wins and why?

Eugene Ables ran an excavation company. He borrowed $500,000 from the Highland Park State Bank. Ables signed a note promising to repay the money and an agreement giving Highland Bank a security interest in all of his equipment, including after-acquired equipment.

Several years later, Ables agreed with Patricia Myers to purchase a Bantam Backhoe from her for $16,000, which he would repay at the rate of $100 per month, while he used the machine.

Ables later defaulted on his note to Highland and the bank attempted to take the backhoe.

Myers and Ables contended that the bank had no right to take the backhoe?

Was the backhoe covered by Highland’s security interest?

Did Ables have sufficient rights in the backhoe for the bank’s security interest to attach?

Who wins and why?

Reference no: EM132262715

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