On January 2, Burt asked Logan to loan him money "against my diamond ring." Logan agreed to do so. To guard against intervening liens, Logan received permission to file a financing statement, and Burt and Logan signed a security agreement giving Logan an interest in the ring. Burt also signed a financing statement that Logan properly filed on January 3. On January 4, Burt borrowed money from Tillo, pledging his ring to secure the debt. Tillo took possession of the ring and paid Burt the money on the same day. The next day, January 5, Logan loaned Burt the money under the assumption that Burt still had the ring. Who has priority, Logan or Tillo? Explain.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “On January 2, Burt asked Logan to loan him money "against my diamond ring." Logan agreed to do so. To guard against intervening liens, ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
In its ads for athletic shoes, Sleek Feet LLC uses a trademark that is similar, but not identical, to the famous, registered mark of Trend Flash, Ltd. Sleek Feet's unauthorized use of the mark constitutes trademark dilution, provided that
Answers (1)
You have a sub-contracting job with a local manufacturing firm. your agreement calls for 5 annual end-of-year payments of $50,000 over the next five years, with the first payment being made a year from today.
Answers (1)
If the lease factor is given as 0.00065, what interest rate is that equivalent to?
Answers (1)
A good or service is said to be scarce when: a. at a price of zero, there will not be enough to satisfy everyone's desire for it. b. it is offered only to high income earners. c. its price is too low. d. it cannot be transported easily. e.
Answers (1)
An increase in the labor force: Consider a onetime change on government policy that immediately and permanently increases the level of the labor force in an economy (such as a more generous immigration policy).
Answers (1)
New Questions in Business
During January 2017 General Fund supplies ordered in the previous fiscal year and encumbered at an estimated amount of $2,000 were received at an actual cost of $2,200. The entry to record this transaction will require a debit to: A.
Answers (1)
An organization estimated that in a particular year the population of a country spent $10.4 trillion in personal consumption. The major categories of these expenditures are durable goods ($1.
Answers (1)
Extreme Protection, Inc. manufactures helmets for skiing and snowboarding. The fixed costs for one model of helmet are $7000 per month.
Answers (1)
institution ID Institution II 1. finances budget deficits. 1. loans funds to the banking system. 2. Sells newly issued government bonds. 2. It creates money out of thin air. 3. It issue money. 3. It control the money supply. 4.
Answers (1)
The materials purchase price variance, in a standard cost system, is obtained by multiplying the: Group of answer choices a. Actual price by the difference between actual quantity purchased and standard quantity used. b.
Answers (1)