Business, 20.07.2020 01:01 lovelysoul4698
Steven Light bought a $55,050 wedding ring for his wife, Sherri Light, on credit from Royal Jewelers, Inc., a store in Fargo, North Dakota. The receipt granted Royal a security interest in the ring. Later, Royal assigned its interest to GRB Financial Corp. Steven and GRB signed a modification agreement changing the repayment terms. An attached exhibit listed the items pledged as security for the modification including the ring. Steven did not separately sign the exhibit.
A year later, Steven died. Royal and GRB filed a suit in North Dakota state court against Sherri, alleging that GRB had a valid security interest in the ring. Sherri cited UCC 9-203, under which there is an enforceable interest only if "the debtor has authenticated a security agreement that provides a description of the collateral." Sherri argued that the modification agreement did not "properly authenticate" the description of the collateral, including the ring, because Steven had not signed the attached exhibit. The court issued a judgment in GRB's favor. Sherri appealed.
Issue: Was GRB's security interest in the ring valid and enforceable?
Decision: Yes. The North Dakota Supreme Court affirmed the lower court's judgemen
Do you agree or disagree with the decision that was made by the courts? Why or why not?Why do you think Sherri felt that she was able to appeal? Was her decision impractical? Why?
Answers: 1
Business, 22.06.2019 06:30, makarockslynn4764
If a seller prepaid the taxes of $4,400 and the closing is set for may 19, using the 12 month/30 day method what will the buyer owe the seller as prorated taxes?
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Business, 22.06.2019 19:50, ahoney2233
Statistical process control charts: a. indicate to the operator the true quality of material leaving the process. b. display upper and lower limits for process variables or attributes and signal when a process is no longer in control. c. indicate to the process operator the average outgoing quality of each lot. d. display the measurements on every item being produced. e. are a graphic way of classifying problems by their level of importance, often referred to as the 80-20 rule.
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Steven Light bought a $55,050 wedding ring for his wife, Sherri Light, on credit from Royal Jewelers...
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