LEGL2700 test 2 Questions And Answers
NYC Bank provides a loan to Z company to buy equipment. Z company pledges the equipment
as collateral for a loan. NYC does not file a financing statement on the equipment. A few months
later, Z Company pledges the same equipment for a loan from Big Apple B...
NYC Bank provides a loan to Z company to buy equipment. Z company pledges the equipment
as collateral for a loan. NYC does not file a financing statement on the equipment. A few months
later, Z Company pledges the same equipment for a loan from Big Apple Bank. Big Apple Bank
immediately files a financing statement to perfect its security interest in the equipment. Which
lender has priority? The second has priority
First bank loans Gina 30,000 to buy a new Camry. Gina sells the car to Pedro. First bank sues
Pedro to recover its collateral. Who wins? Pedro wins, buyers in the ordinary course,
Pedro doesn't have to worry about the bank, between Gina and bank
Blair purchases a condo from Stephen. After closing, Blaire opens the key to her new home to
discover that Stephen removed the oven when he moved out. Furious, Blaire sues Stephen for the
cost of replacing the oven. How will the court determine who wins? -Fixture is real
property, goes to the grantee
-Physical annexation, residential property
>Cause damage to remove the property, if left damaged than considered a fixture
-Blaire wins if oven is a fixture
, LEGL2700 test 2 Questions And Answers
Your friend asks to borrow your computer to take her accounting exam. As she sets up for her
exam, she spills her entire Starbucks latter on your keyboard. The computer never functions
properly after she returns it. what type of bailment is this? What level of care did she owe you?
Sole benefit of the bailee-a high degree of care
You stumble upon a genuine Rolex watch lying on the ground in the Hull Street parking deck
How would you categorize the watch?
What if you had found the watch on the bathroom counter of Correll Hall?
What if a UGA baseball player tossed the watch into a crowd -lost; follow the statutory
procedures
-mislaid property
-abandoned property
You are served with a summons to appear in court to defend a quiet title action. Your neighbor is
claiming that he has acquired four feet of your property because his fence has remained on your
property for twenty years. What will your neighbor need to prove to be successful in his claim?
How could you defend the claim? -Proof that they legally never tried to stop them
-Never gave them permission/ wrongful
-Open and notorious
-Continuous for entire statutory period (20 years)
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