David Operated a Small Delivery Business

question 48

Essay

David operated a small delivery business. He approached the Empire Bank for money to buy a truck to be used in the business. The bank was willing to loan David the money and took a chattel mortgage over the truck. As further security in the event that David defaulted on the mortgage, the bank required his wife to sign a promissory note for the full amount of the mortgage. After experiencing some financial difficulty, David defaulted on the mortgage and the Empire Bank took possession of the truck and sold it pursuant to the chattel mortgage. The passage of sale was insufficient to cover the full amount of the loan and the bank sued David's wife for the remainder owing on the basis of the promissory note. Discuss the rights and duties of the bank and David's wife, and render a decision.

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Definitions:

Job Rotation

Job rotation is a human resources strategy where employees are moved between different jobs to promote versatility, broaden skill set, and prevent job boredom.

CNC Machine

Computer Numerical Control machine, a piece of manufacturing equipment controlled by a computer, executing pre-programmed sequences of machine operations.

Flexible Schedule

A work arrangement allowing employees variability in their working hours and patterns, promoting work-life balance.

Job Enrichment

Increasing the depth of a job through more challenging and complex tasks to enhance employee satisfaction and performance.