Question

Shelly needs $3,500 to buy equipment for her new business. Ted agrees to loan Shelly $3,500, accepting as collateral Shelly's car. They put their agreement in writing and sign it. Shelly keeps possession of the car. Does Ted have an enforceable security interest

Answer 1

Yes Shelly has to pay interest to Ted because she borrowed a loan and each month it doesn’t get payed back is interested unless Ted said he didn’t want interest