BUL 2131-4

Mar 16th, 2014
Anonymous
Category:
Accounting
Price: $20 USD

Question description

TOPIC FOR ESSAYS

1-You are the chief executives officer of Money Games Inc. (MGI) which has begun to market Borrow & Spend, a video game, set in the world of finance. To buy ads, MGI borrows $50,000 from First Saving Bank. On MGI's behalf, you sign a note for the loan and offers its accounts receivable as collateral, you sign a security agreement that describes the collateral, The bank does not file a financing statement.

Has the banks security interest attached? If so when?

2-Agile Corporation borrow $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 borrow $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 HFC's interest. Between these parties, who has priority to the collateral? Discuss your answer.


3- Eagle Sale Company owns a warehouse subject to a mortgage, obtained from First National Bank, Separately, Eagle and First National obtain insurance, Inc.,to cover the warehouse. Later Eagle sells the property to Interstate Distribution Corporation but keeps the insurance policy, First National agrees to act as Interstates Mortgage, and Interstate obtains an insurance policy from Good Hands to cover the property. A fire totally destroys the warehouse.

Who can recover an amount for its loss?

Tutor Answer

(Top Tutor) Studypool Tutor
School: Carnegie Mellon University

Studypool has helped 1,244,100 students

Review from student
Studypool Student
" Wow this is really good.... didn't expect it. Sweet!!!! "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1820 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors