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Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
Edition 19ISBN: 978-1305654921Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
Edition 19ISBN: 978-1305654921 Exercise 10
To buy a car, Rubena Session signed a forty-eight-month retail installment sales contract to National Auto Sales Inc., with Shameka Grandberry as cosigner. National assigned the contract to Jefferson Loan Co. Inc. Sessions defaulted after two payments. Jefferson repossessed the car. Although it sold the credit life and credit disability insurance required by the forty-eight-month contract, Jefferson failed to save the unearned premiums by cancelling the policies even though the contract provided an assignment of "unearned premiums" to its holder. Jefferson sent a notice to Session and Grandberry at Session's address, stating that it had repossessed the car. It said, "[]o redeem your vehicle, you will have to pay the entire amount owed... You may purchase your vehicle back... before it is sold. Information on the sale date will be supplied to you upon request." Jefferson returned the car to National, which was to make the remaining payments. When the last payment was made, Jefferson would assign the title to National, which could then resell the car. National made only five payments. Although Jefferson knew that National had stopped making payments, it never attempted to retrieve the car. National fraudulently obtained a duplicate motor vehicle title, sold the car, and kept the money. Jefferson learned that the car had been unlawfully sold by National five years later, when it received copies of the car's title documents from Grandberry during litigation. Jefferson eventually sued Session unsuccessfully, so four years after Grandberry cosigned the contract, it sued her. The complaint did not state that Jefferson had repossessed the car. Grandberry alleged Jefferson had not disposed of the car in a commercially reasonable manner. Had it?
Explanation
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No , Company J had not disposed of the c...
Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
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