Business Law II question due ASAP!!!

                                              Priority

Steve owns a car. He decides that he needs a loan in order to improve his house, so he goes to Liv. He agrees to give Liv a security interest in the car in exchange for $4,000. Two weeks later he decides that he needs more money.

He goes to Dane. He gives Dane a security interest in the car in exchange for $10,000. Dane files a financing statement to perfect the interest. A week after that Liv does the same. Eventually, Steve defaults in his payments. The car is reposed, and it is sold for $3,000. How much money will Dane receive? How much money will Liv receive?

Grading Criteria Assignments

Maximum Points

Meets or exceeds established assignment criteria

40

Demonstrates an understanding of lesson concepts

20

Clearly presents well-reasoned ideas and concepts

30

Uses proper mechanics, punctuation, sentence structure, spelling, and APA style

10

Total

100

 
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