Emery Entrepreneur purchases a laptop computer for $1995 from the local Better Buy electronics store. The store has a current deal offering "instant credit," for new laptop purchases, with no finance charges if the laptop is paid off within a year from the date it was purchased. Emery purchased the laptop for use in his mobile pet grooming business, Sudsy Puppies. Emery keeps the laptop in the van he drives to his clients' homes while working. He uses it to process payments and keep track of appointments. Emery spends around 20 hours a week using the laptop to support Sudsy Puppies. Emery's favorite hobby is playing the internet game "Fortnight." Although Emery purchased the laptop to use with Sudsy Puppies, he spends around 10 hours each week playing this online video game. The year goes by fast, and Emery actually doesn't pay off the credit balance on the laptop purchase. Better Buy's credit department has made numerous attempts to collect payment from Emery, but at this time Emery has not paid the debt. Does Better Buy have a perfected security interest in the laptop computer? If not, why not? If so, what advantage(s) does that afford Better Buy?
Emery Entrepreneur purchases a laptop computer for $1995 from the local Better Buy electronics store. The store has a current deal offering "instant credit," for new laptop purchases, with no finance charges if the laptop is paid off within a year from the date it was purchased. Emery purchased the laptop for use in his mobile pet grooming business, Sudsy Puppies. Emery keeps the laptop in the van he drives to his clients' homes while working. He uses it to process payments and keep track of appointments. Emery spends around 20 hours a week using the laptop to support Sudsy Puppies. Emery's favorite hobby is playing the internet game "Fortnight." Although Emery purchased the laptop to use with Sudsy Puppies, he spends around 10 hours each week playing this online video game. The year goes by fast, and Emery actually doesn't pay off the credit balance on the laptop purchase. Better Buy's credit department has made numerous attempts to collect payment from Emery, but at this time Emery has not paid the debt. Does Better Buy have a perfected security interest in the laptop computer? If not, why not? If so, what advantage(s) does that afford Better Buy?
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