Bus law Essay Example | Topics and Well Written Essays - 250 words

Bus law - Essay ExampleFrank lav only have an enforceable auspices interest if autodinal conditions are fulfilled the written agreement includes the value of the car that has been given as collateral, Eddie has rights over the car or has the ability to have rights over that car and also Eddie must have authenticated the security agreement with a description of the car or Frank is in control of the car. If the above collar conditions have been included in the agreement, then Frank can say that he has security interests and this is enforceable by law, if not, then he has no security interests and just have to depend on Eddie to yield back the loan as per their agreement.If Frank has an enforceable security interest under the Uniform mercantile Code (UCC) article 9, then he can be granted perfection of the security agreement. This direction that he can file a notice in the public office. This notice is for other creditors to be notified of the security interest Frank has in that car. In order for this notice to be enforceable, Frank has to raise Eddies name, description of the car and his name or the name of his representatives (if he has security interests already). This notice (also called a financial statement) is valid for a period of five years from the time it is filed, but that period can be extended (Sepinuck