Sam borrows 4120 from a bank to finance a car the bank has, Ask an Expert

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Sam borrows $4,120 from a bank to finance a car. The bank has a security interest in a car and it is perfected by filing. The car is taken for repairs at Auto Shop for $2000, but Sam fails to pay for the repairs. Auto Shop places an artisan's lien on the car and retains possession of it. Then, Sam defaulted on payments to the bank and the bank filed action to repossess the car. Does Auto Shop take priority over the bank's lien on the car, explain why or why not?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92304268

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