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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 $

20, 000

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. Flanders Insurance paid Johnson Hardware $

5, 000

for the loss, but First Bank claimed the proceeds of the insurance.

Was First Bank correct? Why or why not?

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