Secured Transactions in Consumer Purchases
Consider the following scenario: Janice buys a refrigerator on credit from Excelsior Appliances. Janice’s sales agreement treats the appliance as collateral. Janice loses her job; so, she sells the refrigerator to Henry and at the same time quits making payments to Excelsior. Henry is unaware of Excelsior’s interest when he buys the refrigerator from Janice.
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WRITE MY ESSAYWhen Excelsior tries to reclaim the refrigerator, the company discovers that Janice has sold the item to Henry. In your opinion, what do you think would be the fairest result?
Assume now that under the state law, Henry, as a good-faith purchaser who had no knowledge of Excelsior’s prior interest, got to keep the refrigerator. What remedy, if any, should Excelsior have against Janice?
Assume, instead, that Excelsior recovers the appliance from Janice and resells it. It is now a used refrigerator; therefore, the company recovers only $500 on resale while Janice still owes $750. What is Excelsior’s remedy, if any, against Janice for the remaining money that Janice owes?
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