Clarence Jr., owned Hope Automotive, a car dealership in New Jersey. Hope sold a truck to Loyd, who signed a note for the amount of the price payable to National Bank in six months. Before the note came due, Loyd returned the truck to Hope Automotive, which was sold it to another buyer. Using some of the proceeds from the second sale, Hope Automotive sent a check to National Bank to pay Loyd’s note. Meanwhile Loyd obtained another truck from Hope Automotive financed through another six-month note payable to National Bank. After eight of these deals, some of which involved more than one truck, a Hope Automotive check to National Bank was dishonored. In a suit in a New Jersey state court, National Bank sought to recover the amounts of two of the notes from Loyd. National Bank had not secured titles to two of the truck covered by the notes, however, and this complicated Loyd’s efforts to reclaim the vehicles from the later buyers. Using the information presented in chapter 13 and in chapter 2 in the textbook, identifies, analyze and explain your answers to the following issues in question.