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Luxury Events has a bank account with Big Bucks Bank but also maintained an existing bank account with Golds Bank which had over $30,000 in
Luxury Events has a bank account with Big Bucks Bank but also maintained an existing bank account with Golds Bank which had over $30,000 in a savings account. Golds Bank provided Luxury Events with a line of credit and had a security interest over all Luxury Events present and after acquired property registered in September 2018. Golds Bank registered a security interest over all Luxury Events' present and after acquired property in September 2018. Does the security interest held by Golds Bank cover the money in the Big Bucks Bank account? 0 Yes, the AIIPAP covers all property owned by Luxury Events. 0 No, it will not need to cover the Big Bucks Bank account as it is an ADI with control of that account
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