please help me answer this question by Using IRAC method. first by identifying Issue, Rule, Application and Conclussion.

will give a like if it is done by IRAC method.

Thanks in advance!

Gibson, a collector of rare old Indian jewelry, took two of his pieces to Hagberg, a pawnbroker. The two pieces, a silver belt and a silver necklace, were worth $500 each. Hagberg loaned only $45 on the belt and $50 on the necklace. Gibson defaulied on both loans, and immediately and without notice. the necklace was sold for $240. A short time later. the belt was sold for $80. At the time of their sale. Gibson owed interest on the loans of $22. Gibson sued Hagberg to recover damages for improperly disposing of the collateral. Is Gibson entitled to damages because of llagberg's actions in disposing of the collateral