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Chapter 18 Case Hypothetical On September 7, 2010, Albert O’Leary extended a $10,000 loan to his friend Corey Johnson. As security for the loan, Corey gave a document to Albert with the following language: “I, Corey Johnson, hereby give a security interest in my 2009 Chevrolet Camaro to Albert O’Leary in return for his $10,000 loan to me on September 7, 2010. Signed, Corey Johnson.” Does Albert O’Leary have a perfected security interest in Corey Johnson’s 2009 Chevrolet Camaro?
Chapter 18 Case Hypothetical Jerry Eller purchases a laptop computer for $995 from the local Preferable Purchase electronics store. He charges the $995 amount on Preferable Purchase “instant credit,” and the store has guaranteed him no finance charges if he pays the $995 amount within one year from the date of purchase. Jerry purchased the computer for use in his business, Eller’s Civil War Battlefield Tours, Inc. On any given week, Eller uses the laptop approximately 20 hours for the purposes of Eller’s Civil War Battlefield Tours, Inc., and 10 hours to play the online video game “Gloom” (his favorite hobby.) One year passes, and Jerry does not pay any of the credit balance. After repeated attempts by Preferable Purchase’s Credit Department to collect on the debt, Jerry still refuses to pay. Does Preferable Purchase have a perfected security interest in the laptop computer? If not, why not? If so, what advantage(s) does that afford Preferable Purchase?
Chapter 18 Internet Research Exercise Go to http://www.thebankruptcysite.org/bankruptcy-exemptions and research the Chapter 7 bankruptcy exemptions allowed in your particular state (“Exemptions” represent property the debtor is allowed to keep, even though he/she is filing for Chapter 7 liquidation bankruptcy.) Based on your research, are your state’s Chapter 7 exemptions more or less generous than the federal bankruptcy exemptions outlined in Exhibit 32-4 of the textbook? Although bankruptcy is primarily a matter of federal jurisdiction (delegated to the federal government in Article I, Section 8 of the United States constitution), the federal government does allow the individual states to craft their own Chapter 7 exemptions for individuals filing in their particular state. If the state chooses to enact its own Chapter 7 exemptions, the state can then require those filing in its jurisdiction to use the state exemptions, or it can allow the bankrupt debtor to choose the federal exemptions outlined in Exhibit 32-4 of the textbook. If the state chooses not to enact its own Chapter 7 exemptions, the federal exemptions apply by default. In your reasoned opinion, should Chapter 7 bankruptcy exemptions be uniformly applied in all states (by applying the federal bankruptcy exemptions in every state), or do you favor the idea of allowing the individual states to craft their own Chapter 7 exemptions?
Creation (Attachment) of Security Interest
Methods of Perfection (Continued)
Perfection of Security Interests in Automobiles and Boats:
Scope of Security Interest
The Purpose of The Bankruptcy Act And Its Goals
Bankruptcy Law Is A Matter Of Federal Jurisdiction
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA)
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