Make certain that your answers are full, detailed and complete.
Questions (50 points per question)
A promissory note was executed by Billy when he bought his house. He financed the purchase with No Fraud National Bank. This purchase was in 2017 and the note was for 360 equal monthly payments, with a fixed rate of interest, with the payments due the first of each month, beginning on February 1, 2017. No Fraud sold the note to Investments, Inc on February 15, 2017. Investments, Inc sold the note to We Buy Notes on July 1, 2017. On September 1, 2018, We Buy Notes sold the note to Individual Investor. Individual Investor gave the note to his son on the son’s 21st birthday on December 10, 2018. On January 1, 2019 Billy missed his house payment when he lost his job. He has not made a payment since that time.
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?
Your client, Wholesaler, sold a large number of freezers to Retailer on credit. This occurred on May 1, 2017. Wholesaler had purchased these freezers from Manufacturer on March 1, 2017. Manufacturer had purchased the components from Supplier on November 1, 2016. Assume that each transaction is a credit sale and that every creditor timely filed a UCC-1 such that they are secured parties.
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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