Expert Q&A Done Business law ch37 P793 82 P819 8283 39 of collateral is not alwa

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Expert Q&A Done Business law ch37 P793 82 P819 8283 39 of collateral is not always easy, Clasily the Buns Rentals leases and sells TV obtains financing from City Bank cars and one hundred nevw him to buy TV sets. b Burns has fity cars on his lot for lease. Burns sells a truck to Boyce and retains a security d Burns assigns Boyce's promissory note and security e Bums Rentals buys three hundred new Phiko TV interest in the truck. Boyce uses the truck exclu sively for weekend camping and fishing trips agreement to City Bank as collateral for a loan. sets for his annual summer sale. Classify the TV sets n the hands f Philco; in Bums's possession. Virgil, owner of Virgil's Truck City and Bar buys a TV set during the sale. The set is delivered to Virgil in its original carton and put in the back of his sixteen- wheeler. What type of goods did Virgil buy? When Philco sells TV sets to Burns, it packages them in special shipping cartons, using packaging materials such as Styrofoam and excelsior. Philco maintains a large supply of these materials t 9. Burns has a large supply of diesel fuel and oil for his fleet of trucks Mary took her car to the local Chevrolet deale 2Noce and necessary repairs. After the dealer the desired work, Mary paid the bill in fuleformed dealer nefused to relinquish possession of her car since However, the Mary had not paid for repairs previously made on the ame car. Does the dealer have a lien on her car so Many cannot regain possession of it? Why or why not? Plaintift, known as 660 Syndicate, owned an ai- plane that had been leased to Wyoming Airlines. The Wyoming Airlines had Rocky Mountain Turbines (RM.T service and repair the airplane. Although it had not been paid, R.M.T. returned the airplane to Wyoming Airlines. Alter it could not collect the money t was owed, R.M.T. reacquired possession of the repaired aplane R.M.T, planned to enforce its lien by selling the plane. Plaintiff filed suit claiming that it was entieled aplane. Plaintiff fled suit claiming that it was entibled to possession of the airplane. Plaintiff argued that RM.T's len as unentorceable. Was RM.T.'s lien on the plane? Explain. ubsequent acquisition of the 3. Pauline lives in a state that exempts $800 for an auto-

Explanation / Answer

Pauline is correct.

US bankruptcy code allows individual debtor to protect some of the property from creditor claims, if it is exempt under the federal bankruptcy law or laws of the debtor's home state. Pauline's home state provides exemption of $ 800 for automobile. Therefore, Pauline is entitled to recover $ 800 of the sales price, which is the exemption limit. The amount in excess of $ 800 is used to payoff the creditors.

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