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Question related information is Simos decided to open a small restaurant in a Sydney suburb. The following events occurred January 2018 - He borrowed $250,000
Question related information is Simos decided to open a small restaurant in a Sydney suburb. The following events occurred January 2018 - He borrowed $250,000 from Commonwealth Bank(CBA) to acquire premises; he signed a mortgage overthe premises which he handed to the bank, with thecertificate of title; the bank lodged these documentsat Land and Property Information [LPI). What Type of security and type of interest and priority? February 2018 - Next, he needed working capital to fit out his kitchen,so he borrowed $60,000 from Greater BusinessFinance Ltd (GBF); he signed a security instrumentover the kitchen equipment and GBF recorded thesecurity instrument on the PPSA register.What Type of security and type of interest and priority? June 2018- Patronage was good so he decided to open a bar; he borrowed another $30,000 from CBA and signed another mortgage over the premises. CA just held this mortgage in a safe.What Type of security and type of interest and priority? July 2018- He borrowed $15,000 from GBF to pay forredecorating the restaurant; he signed a secondsecurity instrument (over the kitchen equipment) butGBF did not register it.What Type of security and type of interest and priority? August 2018 - He decided to upgrade the air conditioning in therestaurant. He borrowed $20,000 from National Bank(NAB) and signed a third security instrument over thekitchen equipment; NAB registered the securityinstrument on the PPSA register.What Type of security and type of interest and priority? October 2018 - He borrowed another $25,000 from NAB to purchasenew chairs and tables. He signed another mortgageover the premises which NAB held in a safe andlodged a caveat at the Land Titles Office.What Type of security and type of interest and priority? By February 2019 patronage was badly reduced because another restaurant opened in the same street.Simos was unable to keep up interest payments on all his borrowings. He closed the restaurant in May2019. The building and equipment were sold to repay his creditors.Below this attachment are the question related to this info.
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