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Jamey buys a car from Motorsports Corporation, but he obtains a loan for the purchase price through Neighbors Corner Company (NCC). Jamey does not pay his loan. NCC takes or repossesses the car. NCC’s tells Jamey that $5,000 is needed for him to get back his car, which will it will sell soon if it the money is not paid before May 15. However, the actual amount to get the car back is $4,000. When the sale is held on May 15, what reasons might Jamey successfully sue NCC?
Expert Answer
In this case,Jammey can successfully Sue NCC for the violation of the Article 9-611,9-613,9-614 of the Uniform Commercial Code which deals with the disposition of collateral.Article 9-613 of the UCC requires that the creditor must provide reasonable notice to the debtor before the disposition of collateral and the notification of disposition must state the time and place for the disposition of collateral.Also the correct redemption amount for the collateral must be stated.In this case both the requirements are violated by NCC.So Jamey can successfully sue NCC on this basis
