New York | Consumer Law
Legal Question
When does a security interest attach
If a debtor signs a Retail Installment Contract for a vehicle listing Creditor A as assignee but then the dealer makes an agreement with Creditor B to accept assignment of the contract, with payment conditioned on their receiving a notice of recorded lien from the DMV. Next the dealer mistakenly files statements with the DMV that Creditor A is the assignee and 9 months later Creditor A releases its interest in the vehicle to the debtor. Finally 4 months after that Creditor B makes payment to dealer after receiving a notice of recorded lien dated 13 months after the original contract was signed. based on the Uniform Commercial Code, when does the security interest for Creditor B attach?
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Read More Answered By: Greg Artim |
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