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Question: Tom and Marie Shafer purchased a household washing machine and dishwasher on credit from the Georgia Power Company (GPC). GPC took purchase money security interests in each of these appliances that were perfected by attachment. Later, the Shafers granted security interests in these same appliances to Personal Thrift as collateral for a loan. Personal Thrift perfected its interests by filing a proper financing statement. The shafers defaulted on all these loans, and Personal Thrift took possession of the appliances. GPC sued Personal Thrift, seeking to recover the two appliances. Personal Thrift argued that GPC's automatic perfection is not effective. Discuss.

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Accounting Basics, Accounting

Category:- Accounting Basics
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