Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Business Management Expert

In 2002, Michael Sabol, running business in the recording industry as Sound Farm Productions applied to Morton Community Bank in Bloomington, Illinois for a $58,000 loan to enlarge his business. Moreover the loan application, Sabol as well signed a letter that stated, ‘the undersigned does hereby authorize Morton Community Bank to execute, file as well as record all financing statements, amendments, termination statements as well as all other statements authorized by Article 9 of the Illinois Uniform Commercial Code, as to any security interest.' Sabol didn't sign any other documents, comprising the financing statement, which did, but contain a description of the collateral. Less than three years later without taking repaid the loan, Sabol filed a petition in a federal bankruptcy court to declare bankruptcy. The bank demanded a security interest in Sabol's sound equipment. What are the basics of an enforceable security interest? What are the supplies of each of those elements? Does the bank have a lawful security interest in this case? Describe.

Business Management, Management Studies

  • Category:- Business Management
  • Reference No.:- M9223323

Have any Question?


Related Questions in Business Management

List some possible advantges and disadvantges to the

List some possible advantges and disadvantges to the strategy of locating a company such as turning technolgies outside high tech

What is the role of a health informatics professional in

What is the role of a health informatics professional in managing health information throughout its life cycle and challenges related to protecting the integrity of health information? Please provide a reference.

The business model for jpmorgan chase was change in 2008

The business model for JPMorgan Chase was change in 2008. Could the upside of the strategy have been achieved without exposing JPMorgan Chase the bank?

What happens to the least cost ration if the price of both

What happens to the least cost ration if the price of both of it's feed ingredients doubles?

How do you think socratic method works and why do you think

How do you think socratic method works and why do you think it works? When a broad social issue-individual rights, environmental pollution, or child custody-intrudes into our lives and moves from the abstract to the pers ...

Describe what is project management and give example of

Describe what is project management and give example of elements of project management, which were helpful during the completion of project.

Why do you think grafton furniture might be keen to

Why do you think Grafton furniture might be keen to increase steven Grafton's span of control.

Why is formative evaluation importantprovide at least three

Why is formative evaluation important? Provide at least three reasons for using it. What is the difference between formative and summative evaluation? Provide any two types formative evaluation and two types of summative ...

Discuss the formal cultural elements that promote or

Discuss the formal cultural elements that promote or discourage moral actions within the organization?

What is the difference between a team and a group of

What is the difference between a team and a group of people?

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As