Wen Purchased an Automobile from Nick for $10,000

question 32

True/False

Wen purchased an automobile from Nick for $10,000. Unknown to Wen, Nick had used the automobile as security for a loan from his bank, and the bank had registered its security interest in the automobile under the provincial personal property security registration legislation. A few months after the sale, Nick defaulted on the loan, and the bank discovered that Wen was in possession of the automobile. The bank is not entitled to seize the automobile, because it had not given Wen notice of its claim against the vehicle before Wen purchased it.

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Definitions:

Pituitary Gland

Gland located in the brain that secretes human growth hormone and influences all other hormone-secreting glands (also known as the master gland).

Pineal Gland

Endocrine gland located near the base of the cerebrum; secretes melatonin.

Hierarchically

In a way that is arranged in order of rank, importance, or authority, often forming a hierarchy.

Chronologically

Relating to the arrangement of events or dates in the order of their occurrence.