Marlie Carries on a Business of Selling New and Used

question 73

Essay

Marlie carries on a business of selling new and used lamps.In 2009,she obtained an operating line of credit from the Bank of Nova Scotia.Marlie gave the Bank a security interest in all her present and future assets.Jordan is a dealer in imported chandeliers.He and Marlie agree that he will give her possession of a dozen chandeliers to sell on his behalf.Marlie is not obliged to pay for the chandeliers unless she keeps them for more than 30 days.Marlie goes into default on her loan.The bank seizes all of her inventory,including the 12 chandeliers.Jordan finds out about the seizure and demands the chandeliers,saying that they are his.Is Jordan entitled to get the chandeliers back?

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Definitions:

Benchmarking Partner

An entity against which a company measures its processes, practices, or performance for improvement.

Same Type Of Business

Companies or enterprises that operate in the same industry or sector, often offering similar products or services.

Balanced Scorecard

A strategic planning and management system that uses a broad range of financial and non-financial metrics to assess an organization's performance.

Bottom-Line Profit

The net income reported at the bottom line of the income statement, indicating the profit remaining after all expenses have been deducted from total revenues.