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Problem:

Abigail needs $2,500 to purchase furniture for her new apartment. Brendan agrees to loan Abigail $2,500, accepting as a collateral Abigail’s traditional necklace. They put their agreement in writing and sign it. Abigail keeps possession of necklace.

i) Does Brendan have enforceable security interest? Discuss in detail why or why not.

ii) How can Brendan allow other creditors know of his interest in necklace? Describe the process in detail.

Business Management, Management Studies

  • Category:- Business Management
  • Reference No.:- M914112

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