Lender takes a security interest in "all personal property" of the debtor. Is this a legally acceptable description of the collateral for a security agreement? $\_\_\_\_\_($Yes $/$ No$)$

A bank takes a security interest in the "after acquired property of Small Town Hardware's inventory." Is this a legal description of collateral? $\_\_\_\_\_($Yes $/$ No$,$ since the security interest can only be taken in inventory or assets owned by the debtor at the time the security agreement is signed$)$

Can a security agreement contain what is known as a future advances clause if the lender provides money to the debtor after the original loan is taken out? $\_\_\_\_\_($Yes $/$ No$,$ this is illegal$)$