1. Zeke operated a bicycle delivery business. He approached the bank for money to buy a delivery truck to expand his business. The bank was willing to loan Zeke the money and took a chattel mortgage over the truck. As further security in the event that Zeke defaulted on the mortgage, the bank required his wife to sign a promissory note for the full amount of the chattel mortgage. After losing some key customers to the competition, Zeke defaulted on the chatted mortgage and the bank took possession of the truck and sold it pursuant to the chattel mortgage. The passage of sale was insufficient to cover the full amount of the loan and the bank used Zeke's wife for the remainder owing on the basis of the promissory note. 
2. 
   
3. Discuss the rights and duties of the bank and Zeke's wife, and render a decision.

Answer rating: 100% (QA)

Answer I The rights of a banker that the banker Rights of General Lien The Right of t... View the full answer