Applied Business Law

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Agile Corporation borrows $1 million from Hi Finance Company (HFC). Agile signs a financing statement that describes the collateral, its inventory and proceeds and HFC files the statement in the appropriate state office. Using the same collateral, Agile later borrows $500,000 from Metro Bank which files its financing statement. Agile defaults on the loans. Metro claims that at the time of its loan it was unaware of HFCs interest. Between these parties who has priority to the collateral

Jun 14th, 2015

Thank you for the opportunity to help you with your question!

Hi Finance Company,this is because HFC followed due procedures of obtaining the collateral. The file was well signed and statement put in appropriate stuff unlike the Metro Bank.

Please let me know if you need any clarification. I'm always happy to answer your questions.
Jun 14th, 2015

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Jun 14th, 2015
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Jun 14th, 2015
Oct 19th, 2017
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