Steve Is Known for Buying Everything on Credit

Essay

Steve is known for buying everything on credit.He typically has a dozen regular monthly payments on installment debt.He might have couch payments,mattress payments,stereo payments,and coffeemaker payments all at the same time.He sells his dining room table and chairs to Bob,his friend.A couple of months later,the furniture company that sold the table to Steve shows up at Bob's house to repossess the table,because Steve has stopped making payments on the debt he incurred in purchasing the table.The furniture store claims it is entitled to the table,because it has a purchase money security interest in the table which automatically perfected when Steve purchased it.How would this case turn out?