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Bus law - Essay Example

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Summary
Frank agrees to loan Edie $1,500, accepting as collateral Edies car. They put their agreement in writing and sign it. Edie keeps possession of the car.
A security interest is an economic security offered to a lender…
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Bus law
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Business Law Edie needs 500 to buy textbooks and other school supplies. Frank agrees to loanEdie $1,500, accepting as collateral Edies car. They put their agreement in writing and sign it. Edie keeps possession of the car.
Does Frank have an enforceable security interest?
A security interest is an economic security offered to a lender by the law in case the debtor fails to pay back the loan given. The purpose of the security interest and the financial statement is that in case Eddie becomes bankrupt and he owes other creditors money too, then Frank who has the security rights will be given the car first and then the creditors can be given the rest of the property according to the UCC (Uniform Commercial Code) article 9 (Sepinuck 84).
Frank can only have an enforceable security interest if three conditions are fulfilled: the written agreement includes the value of the car that has been given as collateral, Eddie has rights over the car or has the ability to have rights over that car and also Eddie must have authenticated the security agreement with a description of the car or Frank is in control of the car. If the above three conditions have been included in the agreement, then Frank can say that he has security interests and this is enforceable by law, if not, then he has no security interests and just have to depend on Eddie to pay back the loan as per their agreement.
How can Frank let other creditors know of his interest in the car?
If Frank has an enforceable security interest under the Uniform Commercial Code (UCC) article 9, then he can be granted perfection of the security agreement. This means that he can file a notice in the public office. This notice is for other creditors to be notified of the security interest Frank has in that car. In order for this notice to be enforceable, Frank has to provide Eddie’s name, description of the car and his name or the name of his representatives (if he has security interests already). This notice (also called a financial statement) is valid for a period of five years from the time it is filed, but that period can be extended (Sepinuck 90).
Works Cited
Sepinuck, Stephen. (et al). Practice under Article 9 of the Uniform Commercial Code. Illinois: American Bar Association. 2008. Read More
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