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Answer the following legal problems. Support your responses with appropriate cases, laws, and other relevant examples. Legal Problem 1: Smith...
Answer the following legal problems. Support your responses with appropriate cases, laws, and other relevant examples.Legal Problem 1: Smith Consultants Inc. purchased a computer from Simply Computers for personal use. Smith Consultants Inc. signed an installment purchase note and a security agreement. Under the terms of the note, Smith Consultants Inc. was to pay $100 down and $50 per month for 20 months. The security agreement included a description of the computer. However, Simply Computers did not file a financing statement and Smith filed bankruptcy before paying for it.Can Simply Computers foreclose against the computer and obtain it from Smith’s bankruptcy? Why or why not? Legal Problem 3: On April 6, 2006, Alfredo purchased for $75,000 a 26-foot-long speedboat named Blaster. First Phoenix Savings Bank provided $65,000 financing for this purchase. Alfredo obtained a marine yacht policy for hull insurance on the boat for $75,000 from First Florida, with First Phoenix Savings Bank being named as payee under the policy.On May 2, 2006, Alfredo sold the boat to Juan Carlos, and Alfredo furnished First Phoenix Savings Bank with documents evidencing the sale. Carlos assumed the obligation to pay off the balance to First Phoenix Savings Bank. On October 6, 2007, Alfredo again applied to First Florida for a new yacht policy, covering the period from October 6, 2007, through October 6, 2008, and coverage extended to peril of confiscation by a government agency. Alfredo did not have ownership or possession of the boat on October 6, 2007. First Phoenix Savings Bank, the named payee, had not perfected or recorded a mortgage on Blaster until July 5, 2008.On November 13, 2007, in waters of Belize, Blaster was found abandoned after a chase by government officials. A large shipment of cocaine was recovered, although no one was arrested. When Alfredo and First Phoenix Savings Bank were informed that Blaster was subject to mandatory forfeiture under Belize law, they both filed claims under the October 6, 2007, insurance policy.What defense, if any, does the insurer have in this case? Cite any sources you use using APA format on a separate page.
Legal problem 1:Simply computers can foreclose against the Smith consultants Inc. and can obtain from thecomputers. According to the law of the United States, a security agreement is the one...