High School

We appreciate your visit to cke operated a bicycle dellvery business He approached the bank for money to boy a dellwery truck to expand his business The bank was willing. This page offers clear insights and highlights the essential aspects of the topic. Our goal is to provide a helpful and engaging learning experience. Explore the content and find the answers you need!

cke operated a bicycle dellvery business. He approached the bank for money to boy a dellwery truck to expand his business. The bank was willing to loan Zeke the ioney and took a chattel mortgage over the truck. As further security in the event that Zeke defaulted on the miortgage, the bank required his wife to sign a romissory note for the full amount of the chattel moitgage. After losing some key customers to the competition, Zeke defautted on the chatted mortgage and the lank took possession of the truck and sold it pursuant to the chattel mortgage. The passage of sale was insufficient to cover the full amcent of the loan and the bank ued Zeke's wife for the remainder owing on the basis of the promissory note. Discuss the rights and dutles of the bank and Zeke's wife, and render a decition.

Answer :

Answer: The bank has the right to sue Zeke's wife for the remaining amount owed on the basis of the promissory note she signed.

Explanation:

In this case, Zeke approached the bank to borrow money for a delivery truck and the bank agreed to provide the loan. To secure the loan, the bank took a chattel mortgage over the truck, which means they had a security interest in the truck as collateral.

As an additional security measure, the bank required Zeke's wife to sign a promissory note for the full amount of the chattel mortgage. This means that if Zeke defaulted on the mortgage, the bank could sue Zeke's wife for the remaining amount owed.

Unfortunately, Zeke defaulted on the mortgage and the bank took possession of the truck. They sold the truck to recover the outstanding loan amount, but the proceeds from the sale were not enough to cover the full amount of the loan.

As a result, the bank has the right to sue Zeke's wife for the remaining amount owed on the basis of the promissory note she signed. Zeke's wife may be held responsible for paying the remaining debt.

It is important to note that the specific rights and duties of the bank and Zeke's wife may depend on the terms of the mortgage agreement and applicable laws. Consulting a legal professional would be advisable to fully understand the situation and make an informed decision.

Learn more about rights and duties of the bank and zeke's wife in a chattel mortgage here:

https://brainly.com/question/29697466

#SPJ11

Thanks for taking the time to read cke operated a bicycle dellvery business He approached the bank for money to boy a dellwery truck to expand his business The bank was willing. We hope the insights shared have been valuable and enhanced your understanding of the topic. Don�t hesitate to browse our website for more informative and engaging content!

Rewritten by : Barada