BADM 403 iMSA
Individual Written Assignment 4
Read the following scenario and write 2-3 pages analyzing the legal issues. In your analysis, you should be sure to answer the questions posed and give thorough justification for your answers. If any facts are ambiguous or if any legal determinations could possibly have different outcomes under these facts, be sure to note those and analyze all possibilities.
Scenario:
The Avengers Corporation is a startup company owned by Tony Stark, Steve Rogers, Bruce Banner, Thor Odinson, and several other minority shareholders. In order to finance its crime-fighting business, The Avengers take out a loan from a bank. Before lending the money, the bank requires a co-signer and some collateral, since The Avengers’ revenue-generating abilities are uncertain. Tony Stark signs the loan as a guarantor, and The Avengers pledge Iron Man’s suit and Captain America’s shield as collateral for the loan. The bank makes the company sign a valid security agreement but does not file a financing statement with the secretary of state.
After receiving the bank loan, The Avengers still need more capital, so Tony Stark agrees to loan the company more money in exchange for a security interest in Captain America’s shield. Tony files a UCC-1 financing statement with the secretary of state evidencing this security interest.
After failing to prevent the destruction of large swaths of New York City, Sokovia, and Wakanda, The Avengers’ revenue streams dry up and they are pressed for cash. Eventually, the company defaults on the bank loan and the loan from Tony. The bank immediately sues Tony for the outstanding amount of its loan.
Unable to pay its debts, The Avengers Corporation realizes that bankruptcy is near and quickly transfers title to Thor’s hammer, Mjolnir, to Peter Parker, who promises to transfer title back to The Avengers after its debts are discharged in bankruptcy. The company then files a chapter 7 bankruptcy petition.
Questions:
Who should get Captain America’s shield?
At the time the bank filed the lawsuit against Tony Stark, did the bank have the right to collect the unpaid balance of the loan from Stark?
If, during the bankruptcy, the bank, Tony Stark, the Trustee, and Peter Parker all argue that the court should give them Thor’s hammer, who should win that argument? What is the fate of the hammer?
What is the most likely fate of The Avengers Corporation after it receives a discharge under chapter 7?
Rubric:
This rubric is a set of criteria used to assess your submission.
The following 2 criteria will be applied:
Issue spotting – how well are you able to identify the legal issues presented by the scenario?
Exemplary: You have spotted all of the legal issues raised by the scenario and possibly even some in addition to what was intended by the instructor
Commendable: You have successfully identified all of the most important legal issues, but possibly missed one or two minor points.
Sufficient: You have discussed most of the most important legal issues arising in the case but have missed at least one significant issue.
Minimal: You have noted some of the important legal issues but have neglected to discuss a majority of the crucial points.
Insufficient: You have failed to identify any of the important legal issues presented in the scenario.
Application of relevant law – once you have spotted a legal issue in the scenario, how well are you able to apply the law to the facts and reach the correct conclusion?
Exemplary: For each legal issue you discuss, you correctly determine how the law applies to the issue. Additionally, you consider alternative facts or outcomes, and identify how the law would handle various interpretations of ambiguous facts or terms.
Commendable: For each legal issue you identify, you correctly state the applicable law and conclusion, but do not consider alternative outcomes or ambiguous facts/terms.
Sufficient: For most legal issues you raise, you correctly apply the law to the facts, but one or more conclusions is inaccurate and there is no discussion of alternatives.
Minimal: For most legal issues you identify, you incorrectly apply the law to the facts and reach a conclusion that is not in line with applicable law. Further, there is no discussion of alternatives.
Insufficient: You fail to correctly apply the law to any of the legal issues you discuss, and consistently reach the wrong conclusions.
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