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Laws for Accountants Barney buys a refrigerator from Nice Appliances. It is a PMSI in consumer...

Laws for Accountants

Barney buys a refrigerator from Nice Appliances. It is a PMSI in consumer goods. Nice files the UCC-1 two days later. Nice never paid FrigSeller from whom they bought the refrigerator as inventory. Barney sells the refrigerator to his friend, Clarence, who needed it for his restaurant. Barney files the UCC-1 two days later. 6 months later, Nice does not pay FrigSeller and Clarence does not pay Barney. The refrigerator is at Clarence's restaurant. Who can get the refrigerator?

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Answer #1

Short answer - Barney

Explanation -FrigSeller can't claim the refrigerator because they have the right upon Nice and Nice is no longer the legal owner of the refrigerator. This is the case where even the party not having legal ownership can provide the 3rd party with legal ownership.

Although Barney can claim the refrigerator sales amount from Clarence or the refrigerator plus damages.

Hope this meets your purpose.

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