FRL 408 Final Project
Make certain that your answers are full, detailed and complete.
Questions (50 points per question)
A. Fully describe the commercial paper rules and draw the picture of each transfer and/or negotiation of this paper. What rights does son have as to payment of the commercial paper? Fully explain the rights and obligations of each purchaser of this paper as described in this question.
B. What rights and obligations does No Fraud National have in this case, solely dealing with the commercial paper which shows No Fraud National as the payee?
A. Draw the picture of each and every transaction and explain each of these transactions under Article 9 of the UCC.
B. Now assume that Cindy bought a freezer for her house from Retailer on May 15, 2017. Retailer filed the UCC-1 on July 1, 2017. Cindy sold that freezer to her friend, Cool Girl, on January 5, 2018. Cool Girl was paying Retailer for the debt in Cindy’s name until Cool Girl lost her job on March 1, 2018. Cool Girl has not made a payment since but he has not told Cindy about this either. What are Retailer’s rights as to this freezer? Would that change if Retailer did not file a UCC-1? Why or why not?
C. Assume that Supplier never filed when it sold to Manufacturer. Manufacturer files for Chapter 7 bankruptcy on January 5, 2017 and Manufacturer had not paid Supplier at that time. What are Supplier’s rights and remedies? What is the likely result for Supplier in this Chapter 7 bankruptcy since Supplier never filed?
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