BLAW 4203 : Exam 2 Notes
Document Summary
Ie there is a mortgage on a house and also a attachment. Make them sign a guarantee(must be in writing, secondary liability, subject to sof) Or surety (can be verbal, primary liable, not subject to sof). Attachment to a property, bank accounts, jewelry, anything they can get their hands on. *depending on the state statute, the lien holder can trump everyone, including the mortgagee. For an exam, assume that the lien trumps everything. You get a ,000 from bank a, b, c, and d. total ,000. Banks will put a ucc-9 on all equipment and or inventory in you store/shop. Example c is strongest, then b, then a, then d (but never get anything) Bank c wrote up a security agreement attaching inventory and equipment. (secured creditor and protected) they filed a document at the court house. Bank b wrote up a security agreement that attached the inventory and equipment to the debt.
