Assignment task:
Dooley, an amateur numismatist, applied to Castle Finance Company for a loan. In response to Castle's request for security, Dooley delivered to Castle a vulnerable coin collection and received a loan for $25,000.
1. Lean, a judgement creditor of Dooley, levies on the coin collection held by Castle. Who has priority? Does Castle even have an interest in the coins? See UCC 9-201; UCC 9-317(a)(2); UCC 9-308(a); UCC 9-203(a), (b); UCC 9-310(a), (b)(6); UCC 9-313(a); UCC 1-201(b)(24); UCC 9-102(a)(44)
2. What result if Castle filed a financing statement conforming to UCC 9-502(a) but did not take delivery of the coins? See UCC 9-312(b); UCC 1-201(b)(24); UCC 9-102(a)(44); UCC 9-203(b)
3. What result if Castle itself did not take delivery of the coin collection but instead appointed Dooley its agent for the purpose of holding the coins on its behalf? Dooley's lawyer? See UCC 9-313(a) & Comment 3; In re Copeland & Notes following, infra; Note (2) on Perfection by Possession, infra.