Chapter8: Trusts
Section: Chapter Questions
Problem 1CTD
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Transcribed Image Text:36. Johnson, a secured creditor, repossesses Finley's car. She puts the car up for auction, where she sells
the car for $3500. At the time of repossession, Finley owed $5500 on the car. Johnson completes the
sale of the vehicle without notifying Finley of the date or place of the sale or the amount of the debt. As
a result:
a. the repossession is void and the car must be returned to Finley;
b. the sale is vold, the car must be returned to Finley;
c. Johnson forfeits her right to sue Finley for a deficiency judgment;
d. there is no impact at all.
37. Once filed, a financing statement is valid for:
a. 3 years;
b. 5 years;
c. 10 years;
d. indefinitely
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Publisher:
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