The state of Kentucky filed a tax lien against Panbowl Energy, claiming unpaid taxes. Six months later,

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The state of Kentucky filed a tax lien against Panbowl Energy, claiming unpaid taxes. Six months later, Panbowl bought a powerful drill from Whayne Supply, making a down payment of $11,500 and signing a security agreement for the remaining debt of $220,000. Whayne perfected the next day. Panbowl defaulted. Whayne sold the drill for $58,000, leaving a deficiency of just over $100,000. The state filed suit, seeking the $58,000 proceeds. The trial court gave summary judgment to the state and Whayne appealed. Who gets the $58,000?
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Introduction to Business Law

ISBN: 978-1285860398

5th edition

Authors: Jeffrey F. Beatty, Susan S. Samuelson

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