Problem question-1: Mick runs a horse stud near Goulburn where his business. provides breeding services for the surrounding farms. Mick is leasing the rural land. under a long-term lease. Mick has $50,000 in his bank account with GBank Ltd (a large finance company operating in town), plus miscellaneous equipment (not fixtures) valued at $150,000. Mick also has an outstanding business loan with GBank worth $300,000 which is covered by a security interest granted by Mick over all of his present and after acquired property. The business loan is part of an ongoing facility. L used for general business purposes. GBank registers a financing statement to cover security interest in the loan to Mick on 1 August 2015.