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26.3. You represent Diamond Head National Bank, which holds a first security interest against some...

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26.3. You represent Diamond Head National Bank, which holds a first security interest against some mobile equipment owned by Henry Walker, securing a debt in the amount of $270,000. The bank perfected by filing a financing statement against Walker in the state of his principal residence. Walker is current on his payments. Diamond Head considers the loan safe because, even at a sheriff's auction sale, the bank is confident the equipment would bring at least $400,000. From friends at the Club, you have heard that Walker is in financial difficulty and the holder of some kind of second lien is forcing a sale of the equipment. a. If this information is correct, is there any reason for Diamond Head to be concerned? UCC $9611 (c)(3), 9-617(b), 9-625(b). b. Can Diamond Head protect its position by purchasing the equipment at the sale? UCC \$9-615(a). c. Can Diamond Head prevent the sale? UCC 9609(a),9401. d. Assuming that the creditor forcing this sale was an Article 9 secured party, was Diamond Head entitled to receive notice of this sale? UCC \$9-611 and Comment 4 to that

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