This question should be answered using two IRAC structures. Please include all relevant key words in your answer.
Robert goes to a car dealership and takes out a loan of $20,000 to buy a car from the dealership, signing a contract in which he agrees to pay back the loan on a monthly schedule. Robert also buys a laptop from a local vendor, signing a contract in which he promises to pay the $1,000 cost on a monthly schedule. Robert returns home with his new car and new laptop. Six months later, Robert falls behind on his car and laptop payments. Do the car dealership and local vendor have a security interest in the car and laptop?
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Hint
To answer this question, you should think about and discuss when a PMSI exists, and use those rules to determine whether the car dealership and local vendor have security interest.
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Car Dealership
Local Vendor
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