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Mr. Gregory White
Mr. Gregory White, Master's Degree
Category: Essays
Satisfied Customers: 5229
Experience:  M.A., M.S. Education / Educational Administration
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Little Oil is an oil-drilling company that has defaulted on

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Little Oil is an oil-drilling company that has defaulted on several of its loans. Giantoil Oil Refining is owed $230,000 on a loan that is secured by some of Little Oil’s drilling equipment. This equipment is worth around $180,000. Giantoil has repossessed the equipment pursuant to its security agreement and has notified Little Oil that it proposes to keep the equipment rather than sell it. Little Oil does not want Giantoil to keep the equipment and wants it to be sold. Discuss the legal issues in this situation.
Submitted: 7 months ago.
Category: Essays
Expert:  Mr. Gregory White replied 7 months ago.
Hello, my name is***** can give written objection within 21 days after the notice was sent, and then the creditor would be required to sell the collateral. Little Oil would be foolish to demand that the collateral be sold in these circumstances. If the collateral is sold, Little Oil could be held liable for a deficiency judgment. If the creditor retains the collateral, it is retained in satisfaction of all claims against the debtor. Because the collateral is worth substantially less than the amount of the debt, Little Oil should allow GiantOil to retain the collateral.

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