Spokes Inc. sold a bike to Dee on credit for Dee’s personal use. Dee granted Spokes a security interest in the bike to secure payment of the unpaid purchase price. Spokes did not file a financing statement. Under these facts:
a. |
Spokes’ security interest in the bike is perfected. |
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b. |
If Dee sells the bike to Phil for his personal use, Phil pays value, and Phil does not know of the security interest, then Phil will take the bike free from Spokes’ security interest. |
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c. |
If a repair shop obtains a lien on the bike for unpaid repair charges, Spokes’ security interest will have priority over the common law lien. |
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d. |
a and b. |
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Spokes Inc. sold a bike to Dee on credit for Dee’s personal use. Dee granted Spokes...
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