Question: With a loan of 1 4 million euros from Barclays Bank
With a loan of 1.4 million euros from Barclays Bank, PLC, Thomas Poynter bought a yacht. The loan agreement gave Barclays multiple stand- alone options on default. One option required the lender to give ten days’ advance notice of a sale. A different option permitted the lender to avoid this requirement. When Poynter did not repay the loan, Barclays repossessed the yacht, notified Poynter that it would be sold— but did not specify a date, time, or place— and sold the yacht two months later. The sale price was less than Poynter owed, and Barclays filed a suit in a federal district court for the deficiency. Is Barclays entitled to collect even though it did not give Poynter ten days’ advance notice of the sale? Explain.
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