Assume the following facts: Caterpillar is a manufacturer of forklifts. Bob owns a retailer forklift dealership called Forklifts R Us.

1.    Assume the following facts: Caterpillar is a manufacturer of forklifts. Bob owns a retailer forklift dealership called Forklifts R Us. Caterpillar sells Bob 150 forklifts on credit and retains a security interest in the forklifts and their proceeds (and perfects its interest). Bob then sells forklift #1 to Hunt, a consumer purchaser. Instead of paying Bob cash for the forklift however, Hunt gives Bob a promissory note (chattel paper) to make annual installment payments over 5 years to pay for the forklift. Bob needs more money so he contacts Big Bank, who agrees to pay Bob for an assignment of his chattel paper. Big Bank pays Bob cash and takes possession of the chattel paper (i.e., Hunt’s promised payments). Forklifts R Us defaults on all of it’s loans and goes broke. Bob leaves in the middle of the night for Mexico, never to be seen again. Caterpillar and Big Bank both claim they are entitled to Hunt’s payments. What is Caterpillar’s claim to the payments – explain what interest they would have in the payments (chattel paper)? Who is entitled to Hunt’s payments (chattel paper) and why? Explain. Who is entitled to forklift #1, why? 

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