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When Johnson Hardware Shop borrowed $ 2 0 , 0 0 0 from First Bank, it used its inventory as collateral for the loan. First
When Johnson Hardware Shop borrowed $ from First Bank, it used its inventory as collateral for the loan. First Bank perfected its security interest by filing a financing statement. The inventory was subsequently damaged by fire, and Flanders Insurance Co paid Johnson Hardware $ for the loss, but First Bank claimed the proceeds of the insurance. Was First Bank correct? Why or why not?
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Accounting Information Systems
Authors: Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
11th edition
1337552127, 978-1305971424, 1305971426, 978-0357688694, 978-1337673174, 133767317X, 978-1337552127
