× Didn't find what you were looking for? Ask a question
Top Posters
Since Sunday
w
5
a
3
j
2
a
2
t
2
u
2
r
2
j
2
j
2
l
2
d
2
y
2
Home Q & A Board Other Fields Homework Help Business
New Topic  
huck4 huck4
wrote...
Go to Answer
Posts: 644
Rep: 0 0
6 years ago
In Fordyce Bank and Trust v. Bean Timberland, the bank lent Bean money to buy timber from landowners. Bean gave the bank security interests in the timber, which he sold to lumber companies that milled the logs into lumber. When Bean defaulted on the loan, the bank tried to collect from the lumber companies because it had a secured interest in the timber. The courts held that the bank:
 a. collects nothing from the banks because it failed to attach its interest
  b. collect the unpaid balance of the loan from the timber companies, depending on how much secured timber they bought from Bean
  c. collect the unpaid balance of the loan from the timber companies, which are each jointly and severally responsible under UCC 4-320, which sets strict standards for security interests
  d. collect the unpaid balance of the loan from the timber companies only if it can show that the companies had been notified by the bank each time they accepted timber from Bean
  e. none of the other choices
Read 161 times
1 Reply
Replies
Answer verified by a subject expert
kjhgfdwrertkjhgfdwrert
wrote...
#1
Posts: 451
Rep: 0 0
6 years ago
Sign in or Sign up in seconds to unlock everything for free
1

Related Topics

huck4 Author
wrote...

6 years ago
Thanks for your help!!
kater28
wrote...

Yesterday
This calls for a celebration Person Raising Both Hands in Celebration
jmelchor77
wrote...

2 hours ago
Good timing, thanks!
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1291 People Browsing
 125 Signed Up Today
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 409
  
 192
  
 122