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In December, Furniture Mart borrows money $50,000.00 from Lender Bank under an agreement whereby all of Furniture Mart's inventory will be used as collateral for
In December, Furniture Mart borrows money $50,000.00 from Lender Bank under an agreement whereby "all of Furniture Mart's inventory" will be used as collateral for the debt. Lender Bank perfects their interest in the inventory by filing a UCC1. 6 months later, Furniture Mart purchases outdoor furniture for the upcoming summer season. The new summer furniture will be subject to Lender Bank's security interest. True False
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