Business Law II Spring 2021 Mayra and Alicia own several businesses as partners. The partnership has several creditors with perfected security interest in its inventory, equipment, and accounts...

Result and why ? What if the partnership files for bankruptcy? Which chapter.


Business Law II Spring 2021 Mayra and Alicia own several businesses as partners. The partnership has several creditors with perfected security interest in its inventory, equipment, and accounts receivable. One of the businesses is a tropical fish store. The store only sells exotic fish from south America. Alicia went to Jeffrey Aquarium to purchase an additional aquarium. She found an aquarium that cost $25,000. Jeffery offers to finance the purchase. Alicia instead borrows the money from her sister Marisol and both she and Mayra execute a promissory note and sign an agreement granting Marisol a security interest in the tank. Marisol does not file a financing statement. Because of the pandemic all of Mayra and Alicia’s business go belly up. Marisol and all the secured creditors attempt to take possession of the tank. Result and why ? What if the partnership files for bankruptcy? Which chapter.