1 David is an unsecured creditor of Tom for $10,000. Two other creditors have claims of $3,000...

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1 David is an unsecured creditor of Tom for $10,000. Two other creditors have claims of $3,000 each. Can any of the three creditors force Tom into involuntary bankruptcy? Explain

2 Barwell, Inc., sold McMann Golf Ball Co. a “performer,” a machine that makes golf balls, for $55,000. Barwell delivered the machine on February 20. McMann paid $3,000 down, the remainder to be paid over several years, and signed an agreement giving Barwell a security interest in the performer. Barwell did not perfect its interest. On March 1, McMann borrowed $350,000 from First of America Bank, giving the bank a security interest in McMann's present and after-acquired property. First of America perfected by filing on March 2. McMann, of course, became insolvent, and both Barwell and the bank attempted to repossess the performer. Who gets it and why

3. Diminishing Perspective, a railroad, borrows $75 million from First Bank, which takes a security interest in Diminishing railroad cars and immediately perfects by filing. Two months later, Diminishing borrowed $100 million from Second Bank, which takes a security interest in the same collateral and also files. When Diminishing arrives, on schedule, in bankruptcy court, both banks will race to seize the rolling stock. Who has priority among the creditors and why?

4. Leroy Headspeth bought a Mercedes under an installment sales contract that expressly permitted the creditor (Mercedes Credit Corporation) to repossess the car if the debtor defaulted on the payments. When Headspeth defaulted on the payments, Laurel Adjustment Bureau, Inc. (LAB), (Mercedes’ agent) went onto the property and repossessed the car on Mercedes’ behalf. Headspeth filed a lawsuit against Mercedes Credit and LAB, contending that LAB’s employee trespassed onto his property to retake the car and therefore the repossession was wrongful. Headspeth admitted in his deposition that repossession had occurred without confrontation. Can a secured creditor legally retake possession of collateral by entering onto the debtor’s land or did LAB’s employee breach Headspeth’s peace? Explain