1. 1 Secured Transactions Assignment 23 Maintaining Perfection Through Changes of Name, Identity, and Use

2. 2 The Big Picture Part Two: The Creditor Third Party Relationship Chapter 6: Perfection Chapter 7: Maintaining Perfection Assignment 22: Through lapse and bankruptcy Assignment 23: Through changes in name, identity and use of collateral Assignment 24: Through interstate movements of debtors and collateral Chapter 8-9: Priority

3. 3 The Big Picture Part Two: The Creditor Third Party Relationship Chapter 6: Perfection Chapter 7: Maintaining Perfection Assignment 22: Through lapse and bankruptcy Assignment 23: Through changes in name, identity and use of collateral Assignment 24: Through interstate movements of debtors and collateral Chapter 8-9: Priority

4. 4 Perfection-maintenance Problem S1 Filing Debtor’s name Collateral description

5. 5 S1 Filing Debtor’s name Collateral description Changes Perfection-maintenance Problem Name change Sale to new owner Collateral transformed Change of use Proceeds exchange New debtor

6. 6 S1 Filing S2 Search Debtor’s name Collateral description New name New owner Different description Changes Name change Sale to new owner Collateral transformed Change of use Proceeds exchange New debtor Perfection-maintenance Problem

7. 7 S1 Filing S2 Search Debtor’s name Collateral description New name New owner Different description Changes Two approaches mixed: Perfection-maintenance Problem Name change Sale to new owner Collateral transformed Change of use Proceeds exchange New debtor

8. 8 S1 Filing S2 Search Debtor’s name Collateral description Changes Two approaches mixed: 1. Filer updates the filings as changes occur Perfection-maintenance Problem Name change Sale to new owner Collateral transformed Change of use Proceeds exchange New debtor New name New owner Different description

9. 9 S1 Filing S2 Search Debtor’s name Collateral description Changes Two approaches mixed: 1. Filer updates the filings as changes occur 2. Searcher must discover history of name and description Perfection-maintenance Problem Name change Sale to new owner Collateral transformed Change of use Proceeds exchange New debtor New name New owner Different description

10. 10 Name Changes, §9-507(c) Filing

11. 11 Name Changes, §9-507(c) Filing A seriously misleading name change creates a four-month window.

12. 12 Name Changes, §9-507(c) Filing Seriously misleading name change A seriously misleading name change creates a four-month window. 4 months

13. 13 Name Changes, §9-507(c) Filing Seriously misleading name change 4 months A seriously misleading name change creates a four-month window. If filer amends within four months, filing is valid for all collateral Amendment

14. 14 Name Changes, §9-507(c) Filing Seriously misleading name change 4 months A seriously misleading name change creates a four-month window. If filer amends within four months, filing is valid for all collateral Amendment If collateral is acquired this date

15. 15 Name Changes, §9-507(c) Filing Seriously misleading name change 4 months A seriously misleading name change creates a four-month window. If filer amends within four months, filing is valid for all collateral If filer does not amend within four months, filing is valid against collateral acquired before the end of four months If collateral is acquired this date Now

16. 16 Name Changes, §9-507(c) Filing Seriously misleading name change 4 months A seriously misleading name change creates a four-month window. If filer amends within four months, filing is valid for all collateral If filer does not amend within four months, filing is valid against collateral acquired before the end of four months If collateral is acquired this date Now

17. 17 Name Changes, §9-507(c) Filing Seriously misleading name change 4 months A seriously misleading name change creates a four-month window. If filer amends within four months, filing is valid for all collateral If filer does not amend within four months, filing is valid against collateral acquired before the end of four months If filer amends late, amendment is effective, Comment 4. but priority is only from the Amendment Amendment If collateral is acquired this dateIf acquired this date

18. 18 Change in owner (debtor), §9-507(a) S1 files against Sam Seller

19. 19 Change in owner (debtor), §9-507(a) Sam sells the collateral to Beth Buyer S1 files against Sam Seller

20. 20 Change in owner (debtor), §9-507(a) “A filed financing statement remains effective with respect to collateral that is sold... even if the secured party knows of... the disposition.” S1 files against Sam Seller Sam sells the collateral to Beth Buyer

21. 21 Change in owner (debtor), §9-507(a) “A filed financing statement remains effective with respect to collateral that is sold... even if the secured party knows of... the disposition.” S1 filing is effective. How would S2 find it? Beth Buyer borrows from S2 S1 files against Sam Seller Sam sells the collateral to Beth Buyer

22. 22 Change in owner (debtor), §9-507(a) “A filed financing statement remains effective with respect to collateral that is sold... even if the secured party knows of... the disposition.” S1 filing is effective. How would S2 find it? Comment 3. “[A]ny person seeking to determine whether a debtor owns collateral free of security interests must inquire as to the debtor’s source of title and, if circumstances seem to require it, search in the name of a former owner.” S1 files against Sam Seller Sam sells the collateral to Beth Buyer Beth Buyer borrows from S2

23. 23 Change in owner (debtor), §9-507(a) “A filed financing statement remains effective with respect to collateral that is sold... even if the secured party knows of... the disposition.” S1 filing is effective. How would S2 find it? Comment 3. “[A]ny person seeking to determine whether a debtor owns collateral free of Every searcher must inquire as to the debtor’s source of title and, if circumstances seem to require it, search in the name of a former owner.” S1 files against Sam Seller Sam sells the collateral to Beth Buyer Beth Buyer borrows from S2

24. 24 Filing Physical/use change in collateral Search Changes in collateral: Physical/use

25. 25 Changes in collateral: Physical/use Filing §9-507(b). A financing statement is not rendered ineffective if, after the financing statement is filed, the information provided in the financing statement becomes seriously misleading under Section 9-506. Physical/use change in collateral Search

26. 26 Changes in collateral: Physical/use Filing §9-507(b). A financing statement is not rendered ineffective if, after the financing statement is filed, the information provided in the financing statement becomes seriously misleading under Section 9-506. The financing statement remains effective Physical/use change in collateral Search

27. 27 Changes in collateral: Physical/use Filing §9-507(b). A financing statement is not rendered ineffective if, after the financing statement is filed, the information provided in the financing statement becomes seriously misleading under Section 9-506. The financing statement remains effective The secured party may not remain perfected. E.g., auto parts become an auto; auto use changed from equipment to inventory. Physical/use change in collateral Search

28. 28 Filing Collateral exchanged for proceeds Search Changes in collateral: Proceeds

29. 29 Filing Three kinds of changes: Collateral exchanged for proceeds Search Changes in collateral: Proceeds

30. 30 Filing Three kinds of changes: Type 0: The description still indicates the collateral (No change) Collateral exchanged for proceeds Search Changes in collateral: Proceeds

31. 31 Filing Three kinds of changes: Type 0: The description still indicates the collateral (No change) Type 1: The description is seriously misleading, but the filing is in the right office for the new collateral. Collateral exchanged for proceeds Search Changes in collateral: Proceeds

32. 32 Filing Three kinds of changes: Type 0: The description still indicates the collateral (No change) Type 1: The description is seriously misleading, but the filing is in the right office for the new collateral. Type 2: The filing is in the wrong office for the new collateral Collateral exchanged for proceeds Search Changes in collateral: Proceeds

33. 33 9-315(c). A security interest in proceeds is a perfected security interest if the security interest in the original collateral was perfected. Changes in collateral: Proceeds

34. 34 9-315(c). A security interest in proceeds is a perfected security interest if the security interest in the original collateral was perfected. (d) A perfected security interest in proceeds becomes unperfected on the 21 st day after [attachment] unless Changes in collateral: Proceeds

35. 35 9-315(c). A security interest in proceeds is a perfected security interest if the security interest in the original collateral was perfected. (d) A perfected security interest in proceeds becomes unperfected on the 21 st day after [attachment] unless: (1) The following conditions are satisfied: (A) a filed financing statement covers the original collateral (B)... a security interest [in the proceeds] may perfected by filing in [that same office] (C) the proceeds are not acquired with cash proceeds Changes in collateral: Proceeds

36. 36 9-315(c). A security interest in proceeds is a perfected security interest if the security interest in the original collateral was perfected. (d) A perfected security interest in proceeds becomes unperfected on the 21 st day after [attachment] unless: (1) The following conditions are satisfied: (A) a filed financing statement covers the original collateral (B)... a security interest [in the proceeds] may perfected by filing in [that same office] (C) the proceeds are not acquired with cash proceeds (2) the proceeds are identifiable cash proceeds; or Changes in collateral: Proceeds

37. 37 9-315(c). A security interest in proceeds is a perfected security interest if the security interest in the original collateral was perfected. (d) A perfected security interest in proceeds becomes unperfected on the 21 st day after [attachment] unless: (1) The following conditions are satisfied: (A) a filed financing statement covers the original collateral (B)... a security interest [in the proceeds] may perfected by filing in [that same office] (C) the proceeds are not acquired with cash proceeds (2) the proceeds are identifiable cash proceeds; or (3) the security interest in the proceeds is perfected... when the security interest attaches or within 20 days... Changes in collateral: Proceeds

38. 38 More Big Picture Perfection requires: 1. Attachment and 2. Compliance with perfection requirements §9-308(a). [A] security interest is perfected if it has attached and all of the application requirements for perfection in Sections 9-301 through 9-316 have been satisfied. If secured party doesn’t have a security interest, secured party isn’t perfected.

39. 39 Problem 23.1, page 407 GBT is monitoring collateral of Bonnie’s Boat World, Inc. The description is: “inventory, accounts, and chattel paper”

40. 40 Problem 23.1, page 407 GBT is monitoring collateral of Bonnie’s Boat World, Inc. The description is: “inventory, accounts, and chattel paper” a. Bonnie took an inventory boat home; used it personally. Is the boat still inventory? §9-102(a)(48)

41. 41 Problem 23.1, page 407 GBT is monitoring collateral of Bonnie’s Boat World, Inc. The description is: “inventory, accounts, and chattel paper” a. Bonnie took an inventory boat home; used it personally. Is the boat still inventory? §9-102(a)(48) No.

42. 42 Problem 23.1, page 407 GBT is monitoring collateral of Bonnie’s Boat World, Inc. The description is: “inventory, accounts, and chattel paper” a. Bonnie took an inventory boat home; used it personally. Is the boat still inventory? §9-102(a)(48) No. Is GBT still perfected?

43. 43 Problem 23.1, page 407 GBT is monitoring collateral of Bonnie’s Boat World, Inc. The description is: “inventory, accounts, and chattel paper” a. Bonnie took an inventory boat home; used it personally. Is the boat still inventory? §9-102(a)(48) No. Is GBT still perfected? Type 1 change, inventory to equipment. §9-507(b). No new filing needed. (Assuming no boat certificate of title law.)

44. 44 Problem 23.1, page 407 GBT is monitoring collateral of Bonnie’s Boat World, Inc. The description is: “inventory, accounts, and chattel paper” a. Bonnie took an inventory boat home; used it personally. Is the boat still inventory? §9-102(a)(48) No. Is GBT still perfected? Type 1 change, inventory to equipment. §9-507(b). No new filing needed. (Assuming no boat certificate of title law.) b. Bonnie transferred ownership to herself. What evidence would exist?

45. 45 Problem 23.1, page 407 GBT is monitoring collateral of Bonnie’s Boat World, Inc. The description is: “inventory, accounts, and chattel paper” a. Bonnie took an inventory boat home; used it personally. Is the boat still inventory? §9-102(a)(48) No. Is GBT still perfected? Type 1 change, inventory to equipment. §9-507(b). No new filing needed. (Assuming no boat certificate of title law.) b. Bonnie transferred ownership to herself. What evidence would exist? Maybe a bill of sale, check.

46. 46 Problem 23.1, page 407 GBT is monitoring collateral of Bonnie’s Boat World, Inc. The description is: “inventory, accounts, and chattel paper” a. Bonnie took an inventory boat home; used it personally. Is the boat still inventory? §9-102(a)(48) No. Is GBT still perfected? Type 1 change, inventory to equipment. §9-507(b). No new filing needed. (Assuming no boat certificate of title law.) b. Bonnie transferred ownership to herself. What evidence would exist? Maybe a bill of sale, check. Does GBT still have SI? §9-315(a).

47. 47 Problem 23.1, page 407 GBT is monitoring collateral of Bonnie’s Boat World, Inc. The description is: “inventory, accounts, and chattel paper” a. Bonnie took an inventory boat home; used it personally. Is the boat still inventory? §9-102(a)(48) No. Is GBT still perfected? Type 1 change, inventory to equipment. §9-507(b). No new filing needed. (Assuming no boat certificate of title law.) b. Bonnie transferred ownership to herself. What evidence would exist? Maybe a bill of sale, check. Does GBT still have SI? §9-315(a). Perfected? §9-507(a).

48. 48 Problem 23.1, page 407 GBT is monitoring collateral of Bonnie’s Boat World, Inc. The description is: “inventory, accounts, and chattel paper” a. Bonnie took an inventory boat home; used it personally. Is the boat still inventory? §9-102(a)(48) No. Is GBT still perfected? Type 1 change, inventory to equipment. §9-507(b). No new filing needed. (Assuming no boat certificate of title law.) b. Bonnie transferred ownership to herself. What evidence would exist? Maybe a bill of sale, check. Does GBT still have SI? §9-315(a). Perfected? §9-507(a). c. BBW trades an inventory boat for a forklift. Does GBT have a security interest in the forklift? Yes. §9- 315(a)(2).

49. 49 Problem 23.1, page 407 GBT is monitoring collateral of Bonnie’s Boat World, Inc. The description is: “inventory, accounts, and chattel paper” a. Bonnie took an inventory boat home; used it personally. Is the boat still inventory? §9-102(a)(48) No. Is GBT still perfected? Type 1 change, inventory to equipment. §9-507(b). No new filing needed. (Assuming no boat certificate of title law.) b. Bonnie transferred ownership to herself. What evidence would exist? Maybe a bill of sale, check. Does GBT still have SI? §9-315(a). Perfected? §9-507(a). c. BBW trades an inventory boat for a forklift. Does GBT have a security interest in the forklift? Yes. §9- 315(a)(2).

50. 50 Problem 23.1, page 407 GBT is monitoring collateral of Bonnie’s Boat World, Inc. The description is: “inventory, accounts, and chattel paper” a. Bonnie took an inventory boat home; used it personally. Is the boat still inventory? §9-102(a)(48) No. Is GBT still perfected? Type 1 change, inventory to equipment. §9-507(b). No new filing needed. (Assuming no boat certificate of title law.) b. Bonnie transferred ownership to herself. What evidence would exist? Maybe a bill of sale, check. Does GBT still have SI? §9-315(a). Perfected? §9-507(a). c. BBW trades an inventory boat for a forklift. Does GBT have a security interest in the forklift? Yes. §9- 315(a)(2). Is that security interest perfected? Yes. §9-315(d)(1).

51. 51 Problem 23.1, page 407 GBT is monitoring collateral of Bonnie’s Boat World, Inc. The description is: “inventory, accounts, and chattel paper” a. Bonnie took an inventory boat home; used it personally. Is the boat still inventory? §9-102(a)(48) No. Is GBT still perfected? Type 1 change, inventory to equipment. §9-507(b). No new filing needed. (Assuming no boat certificate of title law.) b. Bonnie transferred ownership to herself. What evidence would exist? Maybe a bill of sale, check. Does GBT still have SI? §9-315(a). Perfected? §9-507(a). c. BBW trades an inventory boat for a forklift. Does GBT have a security interest in the forklift? Yes. §9- 315(a)(2). Is that security interest perfected? Yes. §9-315(d)(1).

52. 52 Problem 23.1, page 407 Description of collateral: “inventory, accounts, and chattel paper” d. Inventory boat sold for cash, cash used to buy forklift. Does GBT have a security interest in forklift? §9-315(a)(2)

53. 53 Problem 23.1, page 407 Description of collateral: “inventory, accounts, and chattel paper” d. Inventory boat sold for cash, cash used to buy forklift. Does GBT have a security interest in forklift? §9-315(a)(2) Is GBT perfected in the forklift? §9-315(d)(3).

54. 54 Problem 23.1, page 407 Description of collateral: “inventory, accounts, and chattel paper” d. Inventory boat sold for cash, cash used to buy forklift. Does GBT have a security interest in forklift? §9-315(a)(2) Is GBT perfected in the forklift? §9-315(d)(3). Not after 20 days

55. 55 Problem 23.1, page 407 Description of collateral: “inventory, accounts, and chattel paper” d. Inventory boat sold for cash, cash used to buy forklift. Does GBT have a security interest in forklift? §9-315(a)(2) Is GBT perfected in the forklift? §9-315(d)(3). Not after 20 days e. Inventory boat suffered insured storm damage. Does GBT have a security interest in the insurance claim? Yes. §9- 102(a)(64)

56. 56 Problem 23.1, page 407 Description of collateral: “inventory, accounts, and chattel paper” d. Inventory boat sold for cash, cash used to buy forklift. Does GBT have a security interest in forklift? §9-315(a)(2) Is GBT perfected in the forklift? §9-315(d)(3). Not after 20 days e. Inventory boat suffered insured storm damage. Does GBT have a security interest in the insurance claim? Yes. §9- 102(a)(64)

57. 57 Problem 23.1, page 407 Description of collateral: “inventory, accounts, and chattel paper” d. Inventory boat sold for cash, cash used to buy forklift. Does GBT have a security interest in forklift? §9-315(a)(2) Is GBT perfected in the forklift? §9-315(d)(3). Not after 20 days e. Inventory boat suffered insured storm damage. Does GBT have a security interest in the insurance claim? Yes. §9- 102(a)(64) GBT is not named as a loss payee. Is GBT perfected in the insurance proceeds?

58. 58 Problem 23.1, page 407 Description of collateral: “inventory, accounts, and chattel paper” d. Inventory boat sold for cash, cash used to buy forklift. Does GBT have a security interest in forklift? §9-315(a)(2) Is GBT perfected in the forklift? §9-315(d)(3). Not after 20 days e. Inventory boat suffered insured storm damage. Does GBT have a security interest in the insurance claim? Yes. §9- 102(a)(64) GBT is not named as a loss payee. Is GBT perfected in the insurance proceeds? Only for 20 days. §9-109(d)(8); §9-315(c) and (d)

59. 59 Problem 23.1, page 407 Description of collateral: “inventory, accounts, and chattel paper” d. Inventory boat sold for cash, cash used to buy forklift. Does GBT have a security interest in forklift? §9-315(a)(2) Is GBT perfected in the forklift? §9-315(d)(3). Not after 20 days e. Inventory boat suffered insured storm damage. Does GBT have a security interest in the insurance claim? Yes. §9- 102(a)(64) GBT is not named as a loss payee. Is GBT perfected in the insurance proceeds? Only for 20 days. §9-109(d)(8); §9-315(c) and (d) How can GBT continue perfection after 20 days?

60. 60 Problem 23.1, page 407 Description of collateral: “inventory, accounts, and chattel paper” d. Inventory boat sold for cash, cash used to buy forklift. Does GBT have a security interest in forklift? §9-315(a)(2) Is GBT perfected in the forklift? §9-315(d)(3). Not after 20 days. e. Inventory boat suffered insured storm damage. Does GBT have a security interest in the insurance claim? Yes. §9- 102(a)(64) GBT is not named as a loss payee. Is GBT perfected in the insurance proceeds? Only for 20 days. §9-109(d)(8); §9-315(c) and (d) How can GBT continue perfection after 20 days? Be named loss payee on policy. §9-315(d)(3) governs.

61. 61 Problem 23.2, page 408 Filing GBT files against Southwest Appliance Corporation in that name

62. 62 Problem 23.2, page 408 Filing Name changeNow 6 months GBT files against Southwest Appliance Corporation in that name Six months ago, debtor changed its name to Southwest General, Inc.

63. 63 Problem 23.2, page 408 Filing Name changeNow 6 months GBT files against Southwest Appliance Corporation in that name Six months ago, debtor changed its name to Southwest General, Inc. Is GBT’s filing seriously misleading?

64. 64 Problem 23.2, page 408 Filing Name changeNow 6 months GBT files against Southwest Appliance Corporation in that name Six months ago, debtor changed its name to Southwest General, Inc. Is GBT’s filing seriously misleading? Almost certainly. 9- 506(c).

65. 65 Problem 23.2, page 408 Filing Seriously misleading name change §9-507(c). The seriously misleading name change created a four-month window for amending our financing statement. We missed it. Where do we stand? 4 months Now

66. 66 Problem 23.2, page 408 Filing Seriously misleading name change §9-507(c). The seriously misleading name change created a four-month window for amending our financing statement. We missed it. Where do we stand? Not perfected in recently acquired inventory. Now 4 months

67. 67 Problem 23.2, page 408 Filing Seriously misleading name change §9-507(c). The seriously misleading name change created a four-month window for amending our financing statement. We missed it. Where do we stand? Not perfected in recently acquired inventory. a. What do we do now? Now 4 months

68. 68 Problem 23.2, page 408 Filing Seriously misleading name change §9-507(c). The seriously misleading name change created a four-month window for amending our financing statement. We missed it. Where do we stand? Not perfected in recently acquired inventory. a. What do we do now? Amend. Amendment 4 months

69. 69 Problem 23.2, page 408 Filing Seriously misleading name change §9-507(c). The seriously misleading name change created a four-month window for amending our financing statement. We missed it. Where do we stand? Not perfected in recently acquired inventory. a. What do we do now? Amend. Then what is our priority date? Amendment 4 months

70. 70 Problem 23.2, page 408 Filing Seriously misleading name change §9-507(c). The seriously misleading name change created a four-month window for amending our financing statement. We missed it. Where do we stand? Not perfected in recently acquired inventory. a. What do we do now? Amend. Then what is our priority date? Filing date (collateral acquired through four months); amendment date (collateral acquired after four months). §9-507 Comment 4. Amendment 4 months

71. 71 Problem 23.2, page 408 Filing Seriously misleading name change 4 months b. What if GBT’s collateral had been a construction crane?

72. 72 Problem 23.2, page 408 Filing Seriously misleading name change 4 months b. What if GBT’s collateral had been a construction crane? The financing statement remains effective against the crane

73. 73 Problem 23.2, page 408 Filing Seriously misleading name change 4 months b. What if GBT’s collateral had been a construction crane? The financing statement remains effective against the crane Do we need to amend?

74. 74 Problem 23.2, page 408 Filing Seriously misleading name change Sale 4 months b. What if GBT’s collateral had been a construction crane? The financing statement remains effective against the crane c. What if Southwest sells the crane for $235,000? Do we need to amend?

75. 75 Problem 23.2, page 408 Filing Seriously misleading name change Sale 4 months b. What if GBT’s collateral had been a construction crane? The financing statement remains effective against the crane c. What if Southwest sells the crane for $235,000? The financing statement remains effective against the crane Do we need to amend?

76. 76 Problem 23.2, page 408 Filing Seriously misleading name change Sale 4 months b. What if GBT’s collateral had been a construction crane? The financing statement remains effective against the crane c. What if Southwest sells the crane for $235,000? The financing statement remains effective against the crane The financing statement is not effective against the cash Do we need to amend?

77. 77 Problem 23.2, page 408 Filing Seriously misleading name change b. What if GBT’s collateral had been a construction crane? The financing statement remains effective against the crane c. What if Southwest sells the crane for $235,000? The financing statement remains effective against the crane The financing statement is not effective against the cash GBT is perfected in the cash §9-315(c) and (d)(2) Sale 4 months Do we need to amend?

78. 78 Problem 23.2, page 408 Filing Seriously misleading name change b. What if GBT’s collateral had been a construction crane? The financing statement remains effective against the crane c. What if Southwest sells the crane for $235,000? The financing statement remains effective against the crane The financing statement is not effective against the cash GBT is perfected in the cash §9-315(c) and (d)(2) What if Southwest buys a replacement crane? §9-315(d)(3) Sale 4 months Do we need to amend?

79. 79 GBT’s proposed loan: $500,000 to RLE, secured by: 1.Equipment 2.Inventory (minus “lawn dogs manufactured by Suti”) 3.Accounts 4.Money in bank accounts Problem 23.3, page 408

80. 80 GBT’s proposed loan: $500,000 to RLE, secured by: 1.Equipment 2.Inventory (minus “lawn dogs manufactured by Suti”) 3.Accounts 4.Money in bank accounts Prior financing statement: “Lawn dogs manufactured by Suti.” Problem 23.3, page 408

81. 81 GBT’s proposed loan: $500,000 to RLE, secured by: 1.Equipment 2.Inventory (minus “lawn dogs manufactured by Suti”) 3.Accounts 4.Money in bank accounts Prior financing statement: “Lawn dogs manufactured by Suti.” Could that security interest be attached to more than the lawn dogs? Problem 23.3, page 408

82. 82 GBT’s proposed loan: $500,000 to RLE, secured by: 1.Equipment 2.Inventory (minus “lawn dogs manufactured by Suti”) 3.Accounts 4.Money in bank accounts Prior financing statement: “Lawn dogs manufactured by Suti.” Could that security interest be attached to more than the lawn dogs? Yes. As proceeds, Problem 10.4. Problem 23.3, page 408

83. 83 GBT’s proposed loan: $500,000 to RLE, secured by: 1.Equipment 2.Inventory (minus “lawn dogs manufactured by Suti”) 3.Accounts 4.Money in bank accounts Prior financing statement: “Lawn dogs manufactured by Suti.” Could that security interest be attached to more than the lawn dogs? Yes. As proceeds, Problem 10.4. Or by SA description Problem 23.3, page 408

84. 84 GBT’s proposed loan: $500,000 to RLE, secured by: 1.Equipment 2.Inventory (minus “lawn dogs manufactured by Suti”) 3.Accounts 4.Money in bank accounts Prior financing statement: “Lawn dogs manufactured by Suti.” Could that security interest be attached to more than the lawn dogs? Yes. As proceeds, Problem 10.4. Or by SA description Could that security interest be perfected in more than the lawn dogs? Problem 23.3, page 408

85. 85 GBT’s proposed loan: $500,000 to RLE, secured by: 1.Equipment 2.Inventory (minus “lawn dogs manufactured by Suti”) 3.Accounts 4.Money in bank accounts Prior financing statement: “Lawn dogs manufactured by Suti.” Could that security interest be attached to more than the lawn dogs? Yes. As proceeds, Problem 10.4. Or by SA description Could that security interest be perfected in more than the lawn dogs? Yes, accounts, barter, cash. §9-315(c), (d)(1), (d)(2) Problem 23.3, page 408

86. 86 October’s description of collateral: “equipment, inventory, accounts, chattel paper, general intangibles, fixtures, money, and bank accounts.” a. Does October have a security interest in debtor’s bank account at Gargantuan? Yes. By description Yes. If proceeds. b. Is October perfected in the bank account? As original collateral: Only if October has “control” As proceeds: Yes, to the extent “identifiable,” §9-315(d)(2) c. Does it matter how long the proceeds are in the account? Problem 23.5

87. 87 October’s description of collateral: “equipment, inventory, accounts, chattel paper, general intangibles, fixtures, money, and bank accounts.” a. Does October have a security interest in debtor’s bank account at Gargantuan? Yes. By description Yes. If proceeds. b. Is October perfected in the bank account? As original collateral: Only if October has “control” As proceeds: Yes, to the extent “identifiable,” §9-315(d)(2) c. Does it matter how long the proceeds are in the account? Problem 23.5

88. 88 October’s description of collateral: “equipment, inventory, accounts, chattel paper, general intangibles, fixtures, money, and bank accounts.” a. Does October have a security interest in debtor’s bank account at Gargantuan? Yes. By description Yes. If proceeds. b. Is October perfected in the bank account? As original collateral: Only if October has “control” As proceeds: Yes, to the extent “identifiable,” §9-315(d)(2) c. Does it matter how long the proceeds are in the account? Problem 23.5

89. 89 October’s description of collateral: “equipment, inventory, accounts, chattel paper, general intangibles, fixtures, money, and bank accounts.” a. Does October have a security interest in debtor’s bank account at Gargantuan? Yes. By description Yes. If proceeds. b. Is October perfected in the bank account? As original collateral: Only if October has “control” As proceeds: Yes, to the extent “identifiable,” §9-315(d)(2) c. Does it matter how long the proceeds are in the account? Problem 23.5

90. 90 October’s description of collateral: “equipment, inventory, accounts, chattel paper, general intangibles, fixtures, money, and bank accounts.” a. Does October have a security interest in debtor’s bank account at Gargantuan? Yes. By description Yes. If proceeds. b. Is October perfected in the bank account? As original collateral: Only if October has “control” As proceeds: Yes, to the extent “identifiable,” §9-315(d)(2) c. Does it matter how long the proceeds are in the account? Problem 23.5

91. 91 October’s description of collateral: “equipment, inventory, accounts, chattel paper, general intangibles, fixtures, money, and bank accounts.” a. Does October have a security interest in debtor’s bank account at Gargantuan? Yes. By description Yes. If proceeds. b. Is October perfected in the bank account? As original collateral: Only if October has “control” As proceeds: Yes, to the extent “identifiable,” §9-315(d)(2) c. Does it matter how long the proceeds are in the account? Problem 23.5

92. 92 October’s description of collateral: “equipment, inventory, accounts, chattel paper, general intangibles, fixtures, money, and bank accounts.” a. Does October have a security interest in debtor’s bank account at Gargantuan? Yes. By description Yes. If proceeds. b. Is October perfected in the bank account? As original collateral: Only if October has “control” As proceeds: Yes, to the extent “identifiable,” §9-315(d)(2) c. Does it matter how long the proceeds are in the account? No Problem 23.5

93. 93 October’s description of collateral: “equipment, inventory, accounts, chattel paper, general intangibles, fixtures, money, and bank accounts.” a. Does October have a security interest in debtor’s bank account at Gargantuan? Yes. By description Yes. If proceeds. b. Is October perfected in the bank account? As original collateral: Only if October has “control” As proceeds: Yes, to the extent “identifiable,” §9-315(d)(2) c. Does it matter how long the proceeds are in the account? No d. Does it matter if Beaver commingles other money in the account? Problem 23.5

94. 94 October’s description of collateral: “equipment, inventory, accounts, chattel paper, general intangibles, fixtures, money, and bank accounts.” a. Does October have a security interest in debtor’s bank account at Gargantuan? Yes. By description Yes. If proceeds. b. Is October perfected in the bank account? As original collateral: Only if October has “control” As proceeds: Yes, to the extent “identifiable,” §9-315(d)(2) c. Does it matter how long the proceeds are in the account? No d. Does it matter if Beaver commingles other money in the account? No. Problem 23.5