Drew bought a computer for personal use from Hale Corp. for $3,000. Drew paid $2,000 in cash
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Question:
$3,000. Drew paid $2,000 in cash and signed a security agreement
for the balance. Hale properly filed the security agreement.
Drew defaulted in paying the balance of the purchase price. Hale
asked Drew to pay the balance. When Drew refused, Hale
peacefully repossessed the computer.
Under the Revised UCC Secured Transaction Article,
which of the following remedies will Hale have?
Obtain a deficiency judgment against Drew for the
amount owed.Sell the computer and retain any surplus over the
amount owed.Retain the computer over Drew’s objection.
Sell the computer without notifying Drew.
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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