Everett Buys a New Bicycle on Credit from Bicycle City

Essay

Everett buys a new bicycle on credit from Bicycle City.Bicycle City has a security agreement establishing a purchase-money security interest in the bicycle.Everett,however,discovers that he does not have enough money to pay his rent.Therefore,he sells his bicycle to his neighbor,Helen,who is unaware of Bicycle City's security interest in the bicycle.Everett fails to make payments on the bicycle and Bicycle City seeks to repossess it.Discuss the rights and obligations of the parties.