Part 6- Credit, Chapter 29: Security Interests in Personal Property, Doc 6 | Summary - Edubirdie

University:
Indiana University Bloomington
Course:
Financial and Managerial Accounting: Information for Decisions - John J. Wild
Academic year:

2024
Views:

397

Pages:

1
Author:

bratrochanter

In Giles v. First Virginia Credit Services, Inc., the court examined whether a creditor breached the peace in repossessing Joann Giles's car due to default on her loan payments. A repossession company, hired by First Virginia, repossessed the car from Giles’s driveway in the early morning without her knowledge or interaction. Giles argued the incident constituted a "breach of the peace" as it involved noise, early morning timing, and the lack of notice. Key Points: 1. Breach of Peace Standards: The court emphasized that while a breach of peace could include confrontation, noise alone or repossession at night does not automatically qualify as a breach. It rejected the idea of using a purely subjective standard to define a breach, as this could lead to excessive jury trials and legal uncertainty, contrary to the Uniform Commercial Code (UCC)'s goal of commercial clarity. 2. Balancing Test: The court adopted a balancing test to determine if the repossession was reasonable, considering factors like location, the debtor's consent, third-party reactions, premises type, and whether deception was used. The repossession occurred without confrontation and on private property where repossession rights were explicitly granted in the contract. 3. Court’s Decision: The court ruled in favor of First Virginia, affirming that no breach of peace occurred as the repossession was done without confrontation, within the boundaries set by the contract, and in a manner consistent with state standards for peaceable repossession. This case reaffirms creditors' rights to repossession as long as actions are reasonable, lack confrontation, and occur without breach of peace, illustrating a common UCC application across jurisdictions for consistency in secured transactions.

Related Documents

Part 6- Credit, Chapter 29: Security Interests in Personal Property, Doc 6

Part 6- Credit, Chapter 29: Security Interests in Personal Property, Doc 6 - Page 1

of 1

Recommended Documents

Part 11- Regulation of Business, Chapter 48: The Federal Trade Commission Act and Consumer Protection Laws, Note 7

Part 11- Regulation of Business, Chapter 48: The Federal Trade Commission Act and Consumer Protection Laws, Note 7

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 10- Corporations, Chapter 43: Management of Corporations, Doc 3

Part 10- Corporations, Chapter 43: Management of Corporations, Doc 3

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 4- Sales, Chapter 21: Performance of Sales Contracts, Doc 6

Part 4- Sales, Chapter 21: Performance of Sales Contracts, Doc 6

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 6- Credit, Chapter 28: Introduction to Credit and Secured Transactions, Doc 1

Part 6- Credit, Chapter 28: Introduction to Credit and Secured Transactions, Doc 1

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 9- Partnerships, Chapter 40: Limited Liability Companies, Limited Partnerships, and Limited Liability Limited Partnerships, Doc 6

Part 9- Partnerships, Chapter 40: Limited Liability Companies, Limited Partnerships, and Limited Liability Limited Partnerships, Doc 6

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 4- Sales, Chapter 21: Performance of Sales Contracts, Doc 1

Part 4- Sales, Chapter 21: Performance of Sales Contracts, Doc 1

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 11- Regulation of Business, Chapter 49: Antitrust The Sherman Act, Note 3

Part 11- Regulation of Business, Chapter 49: Antitrust The Sherman Act, Note 3

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 3- Contracts, Chapter 12: Consideration, Doc 1

Part 3- Contracts, Chapter 12: Consideration, Doc 1

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 2- Crimes and Torts, Chapter 6: Intentional Torts, Doc 7

Part 2- Crimes and Torts, Chapter 6: Intentional Torts, Doc 7

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 2- Crimes and Torts, Chapter 8: Intellectual Property and Unfair Competition, Doc 3

Part 2- Crimes and Torts, Chapter 8: Intellectual Property and Unfair Competition, Doc 3

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 2- Crimes and Torts, Chapter 6: Intentional Torts, Doc 2

Part 2- Crimes and Torts, Chapter 6: Intentional Torts, Doc 2

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 11- Appendix B: Uniform Commercial Code, Note 15

Part 11- Appendix B: Uniform Commercial Code, Note 15

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

New Documents from this Course

Chapter 4: Appendix P7

Chapter 4: Appendix P7

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 21: Summary Cheat Sheet

Chapter 21: Summary Cheat Sheet

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 15: Quick Study

Chapter 15: Quick Study

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 2: Accrued Revenue

Chapter 2: Accrued Revenue

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 4: Inventory Costing Illustration

Chapter 4: Inventory Costing Illustration

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 25: Future Value of an Annuity

Chapter 25: Future Value of an Annuity

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 21: Appendix

Chapter 21: Appendix

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 24: Problem Set A

Chapter 24: Problem Set A

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 23: Decisions and Information

Chapter 23: Decisions and Information

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 17: ABC for Service Providers

Chapter 17: ABC for Service Providers

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 4: Appendix P6

Chapter 4: Appendix P6

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 4: Problem Set A

Chapter 4: Problem Set A

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary