You represent October National Bank. ONB lent $1 million to Beaver Manufacturing, a local concern that produces
Fantastic news! We've Found the answer you've been seeking!
Question:
You represent October National Bank. ONB lent $1 million to Beaver Manufacturing, a local concern that produces and services commercial pumping equipment. The loan documents included a security agreement and financing statement, both of which describe the collateral as "equipment, inventory, accounts, chattel paper, general intangibles, fixtures, money, and bank accounts." You estimate the total value of all collateral at about $750,000. One of Beaver's assets is a bank account at Gargantuan Bank and Trust that contains $85,097. Does ONB have a security interest in the account? UCC §§9‐102(a)(29) and (64), 9‐109(d)(13), and 9‐203(a) and (b); Comment 16 to UCC §9‐109.
Related Book For
Auditing Cases An Interactive Learning Approach
ISBN: 978-0132423502
4th Edition
Authors: Steven M Glover, Douglas F Prawitt
Posted Date: