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Acc 543 Week 4

Satisfactory Essays

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Week 4 Learning Team Exercises

Rashonna Web and Crystal McQueen

ACC/543

Sandria Stephenson

December 7, 2014

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26.1)Mechanic's Lien. Ironwood Exploration, Inc. (Ironwood) owned a lease on oil and gas property located in Duchesne County, Utah. Ironwood contracted to have Lantz Drilling and Exploration Company, Inc. (Lantz), drill an oil well on the property. Therafter, Lantz rented equipment from Graco Fishing and Rental Tools, Inc. (Graco), for use in drilling the well. Graco billed Lantz for these rentals, but Lantz did not pay. Graco filed a notice of mechanic's lien on the well in the amount of $19,766. Ironwood, which had paid Lantz, refused to pay Graco. Graco sued to forclose on its …show more content…

Juras, who at the time lived in California, still refused to pay these amounts. Subsequently, a vice president of Aman, Mr. Gloss, telephoned Juras twice in California before 8:00 A.M. Pacific Standard Time. Gloss told Juras that if he did not pay the debt, he would not receive a college transcript. Juras sued Aman, claiming that the telephone calls violated the Fair Debt Collection Practices Act. Gloss testified at trial that he made the calls before 8:00 A.M. because he had forgotten the difference in time zones between California and Aman’s offices in South Dakota. Who wins? Juras v. Aman Collection Services, Inc., 829 F.2d 739, Web 1987 U.S. App. Lexis 12888 (United States Court of Appeals for the Ninth Circuit)

27.1)Financing Statement C&H Trucking, Inc. (C&H), borrowed $19,747.56 from S&D Petroleum Company, Inc. (S&D). S&D hired Clifton M. Tamsett to prepare a security agreement naming C&H as the debtor and giving S&D a security interest in a new Mack truck. The security agreement prepared by Tamsett declared that the collateral also secured: any other indebtedness or liability of the debtor to the secured party direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, including all future advances or loans which may be made at the option of the secured party.
Tamsett failed to file a financing statement or the executed agreement with the appropriate

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