McLeod purchased several items from Sears, Roebuck & Co. on credit. The description of the items, in

Question:

McLeod purchased several items from Sears, Roebuck & Co. on credit. The description of the items, in which Sears took a purchase money security interest, was as follows: “MITER SAW; LXITVRACDC [a television, videocassette recorder, and compact disc spinner]; 25” UPRIGHT, 28” UPRIGHT [two pieces of luggage]; BRACELET, DIA STUDS, RING; 14K EARR, P,
EARRINGS, P [diamond bracelet, ring, and earrings]; and 9-INCH E-Z-LIFT [an outdoor umbrella].” In a dispute over creditors’ priorities in McLeod’s bankruptcy, one creditor argued that the description of the goods was insufficient to give Sears a security interest. Does the description meet Article 9 standards? [McLeod v Sears, Roebuck & Co., 41 UCC2d 302 (Bankr ED Mich)]

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Andersons Business Law and the Legal Environment

ISBN: 978-0324786668

21st Edition

Authors: David p. twomey, Marianne moody Jennings

Question Posted: