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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?