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Description of the Collateral. Mitchell and Donelson were partners operating a clothing store under the name of Michelson's Fashions.Michelson's borrowed $25,000 fromABC bank and signed
- Description of the Collateral.Mitchell and Donelson were partners operating a clothing store under the name of Michelson's Fashions.Michelson's borrowed $25,000 fromABC bank and signed a security agreement covering "all the store's assets".Michelson's also signed a financing statement for the same loan to ABC bank that covered "all the store's assets", and the bank filed the finance statement. Does the bank have a perfected security interest in Michelson's assets?Does "all the store's assets" adequately describethe collateral?
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