Business, 27.04.2021 23:20 ILOVEAARON39821
Juanita is very excited to be opening her first retail antique shop—"Bought Again"—in the center of the old town square. She works for several weeks with a bank to secure financing for the shop inventory and improvements, and has spent years gathering antiques to sell, which she currently stores in three units around town. Juanita signed a promissory note/security agreement statement giving the bank a security interest in "all debtor's assets," which Juanita assumed would be the stored inventory. The bank promptly filed a UCC financing statement which included a little more detail on the stored inventory that was to be Juanita's collateral. A few months later, she became ill, and fell behind in her bank payments because she was unable to work at the store. Will the bank be able to take all Juanita's assets, including her bank accounts and automobile, to cover the debt?
Answers: 2
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Juanita is very excited to be opening her first retail antique shop—"Bought Again"—in the center of...
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